by clicking the arrows at the side of the page, or by using the toolbar.
by clicking anywhere on the page.
by dragging the page around when zoomed in.
by clicking anywhere on the page when zoomed in.
web sites or send emails by clicking on hyperlinks.
Email this page to a friend
Search this issue
Index - jump to page or section
Archive - view past issues
Whitehaven Coal Limited : Annual Report 2013
117 Whitehaven Coal Limited Annual Report 2013 Notes to the Financial Statements 30 June 2013 Interpretation 21 Levies (IFRIC21) This Interpretation con rms that a liability to pay a levy is only recognised when the activity that triggers the payment occurs. Applying the going concern assumption does not create a constructive obligation. The amendments become e ective for the consolidated entity's 30 June 2015 nancial statements. Based on the Directors' preliminary assessment, when the Group applies the amendments for the rst time for the year ending 30 June 2015, there will not be a material impact on the nancial position or performance of the Group. AASB 9 Financial Instruments AASB 9 includes requirements for the classi cation and measurement of nancial assets. It was further amended by AASB 2010-7 to re ect amendments to the accounting for nancial liabilities. These requirements improve and simplify the approach for classi cation and measurement of nancial assets compared with the requirements of AASB 139. Further amendments were made by AASB 2012-6 which amends the mandatory e ective date to annual reporting periods beginning on or after 1 January 2015. AASB 2012-6 also modi es the relief from restating prior periods by amending AASB 7 to require additional disclosures on transition to AASB 9 in some circumstances. Consequential amendments were also made to other standards as a result of AASB 9, introduced by AASB 2009-11 and superseded by AASB 2010-7 and 2010-10. The amendments become e ective for the consolidated entity's 30 June 2016 nancial statements. The consolidated entity has not yet determined the potential impact of the amendments on the consolidated entity's nancial report. a) Basis of consolidation The consolidated nancial report of the Company for the nancial year ended 30 June 2013 comprises the Company and its subsidiaries (together referred to as the 'consolidated entity') and the consolidated entity's interest in jointly controlled operations. (i) Subsidiaries Subsidiaries are all those entities over which the consolidated entity has the power to govern the nancial and operating policies so as to obtain bene ts from their activities. The existence and e ect of potential voting rights that are currently exercisable are considered when assessing control. Subsidiaries are fully consolidated from the date that control commences until the date that control ceases. The nancial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. Investments in subsidiaries are carried at their cost of acquisition in the Company's nancial statements. (ii) Jointly controlled operations The consolidated entity recognises its interest in jointly controlled operations by recognising its interest in the assets and liabilities of the joint venture. The consolidated entity also recognises the expenses it incurs and its share of the income that it earns from the sale of goods or services by the joint venture. (iii) Transactions eliminated on consolidation Intragroup balances and any unrealised gains and losses or income and expenses arising from intragroup transactions, are eliminated in preparing the consolidated nancial statements. Business combinations Business combinations are accounted for using the acquisition method. The consideration transferred in a business combination shall be measured at fair value, which shall be calculated as the sum of the acquisition date fair values of the assets transferred by the acquirer, the liabilities incurred by the acquirer to former owners of the acquiree and the equity issued by the acquirer, and the amount of any non-controlling interest in the acquiree. For each business combination, the acquirer measures the non-controlling interest in the acquiree either at fair value or at the proportionate share of the acquiree's identi able net assets. Acquisition-related costs are expensed as incurred. Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration which is deemed to be an asset or liability will be recognised in accordance with AASB 139 either in pro t or loss or in other comprehensive income. If the contingent consideration is classi ed as equity, it shall not be remeasured.
Annual Report 2012