Notes to the Financial Statements
75
Notes to the Financial Statements
continued
u
rights may give control. The standard is 
applicable to the Group from 1 July 2013. 
Based on investments held by the Group as 
at 30 June 2013, the standard is not 
expected to have a significant impact. 
〉〉 AASB 12 Disclosure of Interests in Other 
Entities (effective for annual reporting 
periods commencing on or after 1 January 
2013). AASB 12 includes all disclosures 
relating to an entity’s interests in subsidi-
aries, joint arrangements, associates and 
structures entities. New disclosures have 
been introduced about the judgements 
made by management to determine whether 
control exists, and to require summarised 
information about joint arrangements, 
associates and structured entities and 
subsidiaries with non-controlling interests. 
The standard is applicable to the Group from 
1 July 2013. Based on interests held by the 
Group as at 30 June 2013, the standard is not 
expected to have a significant impact.
〉〉 AASB 13 Fair Value Measurement (effective 
for annual reporting periods commencing on 
or after 1 January 2013). AASB 13 establishes 
a single framework for measuring fair value 
of financial and non-financial items recog-
nised at fair value in the statement of finan-
cial position or disclosed in the notes to the 
financial statements. The standard is not 
applicable until 1 January 2013 but is avail-
able for early adoption. The Group does not 
expect any material impact on adoption of 
the standard.
〉〉 AASB 119 Employee Benefits (effective for 
annual reporting periods commencing on or 
after 1 January 2013). The revised standard 
changes the definition of short-term 
employee benefits. The distinction between 
short-term and other long-term employee 
benefits is now based on whether the bene-
fits are expected to be settled wholly within 
12 months after the reporting date.
〉〉 IFRIC 20 Stripping Costs in the Production 
Phase of a Surface Mine (effective for annual 
reporting periods commencing on or after  
1 January 2013). IFRIC 20 provides guidance 
on the accounting for the costs of stripping 
activity in the production phase of surface 
mining when two benefits accrue to the 
entity from the stripping activity: useable 
ore that can be used to produce inventory 
and improved access to further quantities of 
material that will be mined in future periods. 
The Company will adapt IFRIC 20 from 1 July 
2013. Based on the current mine plans this 
IFRIC is not expected to have a significant 
impact.
〉〉 AASB 2011-4 Amendments to Australian 
Accounting Standards to Remove Individual  
Key Management Personnel Disclosure 
Requirements (effective from 1 July 2013). 
AASB 2011-4 makes amendments to remove 
individual key management personnel disclo-
sure requirements from AASB 124. 
〉〉 AASB 2012-2 Amendments to Australian 
Accounting Standards – Disclosures – 
Offsetting Financial Assets and Financial 
Liabilities (effective from 1 July 2013). ASB 
2012-2 principally amends AASB 7 Financial 
Instruments: Disclosures to require disclo-
sure of information that will enable users of 
an entity’s financial statements to evaluate 
the effect or potential effect of netting 
arrangements, including rights of set-off 
associated with an entity’s recognised 
financial assets and recognised financial 
liabilities, on the entity’s financial position.
〉〉 AASB 2012-3 Amendments to Australian 
Accounting Standards - Offsetting Financial 
Assets and Financial Liabilities (effective from 
1 July 2014). AASB 2012-3 adds application 
guidance to AASB 132 Financial Instruments: 
Presentation to address inconsistencies 
identified in applying some of the offsetting 
criteria of AASB 132, including clarifying the 
meaning of “currently has a legally enforce-
able right of set-off” and that some gross 
settlement systems may be considered 
equivalent to net settlement.
dd . Parent entity financial information