Axiom 2014 Annual Report - page 58

Notes to the Financial Statements
for the year ended 30 September 2014
56
Axiom Mining Limited
2. Significant accounting policies (continued)
Improvements to IFRSs
Annual improvements to IFRSs 2009-2011 cycle
AASB 10
Consolidated financial statements
AASB 11
Joint arrangements
AASB 12
Disclosure of interests in other entities
AASB 13
Fair value measurement
AASB 127
Separate financial statements
AASB – Int 20
Stripping costs in the production phase of a surface mine
AASB 2012-2
Amendments to Australian Accounting Standards - Disclosures – Offsetting
financial assets and financial liabilities (AASB 7 & AASB 132)
Whilst some of these amendments have resulted in changes to the disclosures in the financial statements, there has been
no impact on the results from operation of the Group or its financial position.
Up to the date of issue of the consolidated financial statements, the AASB has issued a number of amendments, new
standards and interpretations that are not yet effective for the year ended 30 September 2014 and have not been adopted
in the consolidated financial statements. Of these developments, the following relates to matters that may be relevant to
the Group’s operations and consolidated financial statements:
AASB 1031
Materiality (2013)
1
AASB 2012-3
Amendments to Australian Accounting Standards - Offsetting financial assets and
financial Liabilities
1
AASB 2013-3
Amendments to AASB 136
Recoverable amount disclosures for non-financial assets
1
AASB 2013-4
Amendments to Australian Accounting Standards - Novation of derivatives and
continuation of hedge accounting
1
AASB 2013 -5
Amendments to Australian Accounting Standards - Investment entities
1
AASB 2013-9
Amendments to Australian Accounting Standards – Conceptual framework,
materiality and financial instruments
1
INT 21
Levies
1
AASB 2014-1
Amendments to Australian Accounting Standards –
Part A: Annual improvements 2010-2012 and 2011-2013 cycles
2
Part B: Defined benefit plans: employee contributions (amendments to AASB 119)
2
Part C: Materiality
2
Part D: Consequential amendments arising from AASB 14
4
Part E: Financial instruments
3
AASB 14
Regulatory deferral accounts
AASB 2014-3
Amendments to Australian Accounting Standards – Accounting for acquisitions of
interests in joint operations
4
AASB 2014-4
Amendments to Australian Accounting Standards – Clarification of acceptable
methods of depreciation and amortisation
4
AASB 9
Financial instruments
6
1 Effective for annual periods beginning on or after 1 January 2014.
2 Effective for annual periods beginning on or after 1 July 2014.
3 Effective for annual periods beginning on or after 1 January 2015.
4 Effective for annual periods beginning on or after 1 January 2016.
5 Effective for annual periods beginning on or after 1 January 2017.
6 Effective for annual periods beginning on or after 1 January 2018.
The Group is in the process of making an assessment of the potential impact of these amendments and new standards in
the period of initial application. So far it has concluded that their adoption is unlikely to have a significant impact on the
Group’s results of operations or financial position.
GROUP FINANCIAL REPORT
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