BRADKEN LIMITED ANNUAL REPORT 2014 l 36
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
(CONTINUED)
Notes to the consolidated financial statements
30 June 2014
(continued)
1 Corporate information
The nature of the operations and principal activities of the Group are described in the Directors’ report.
2 Summary of significant accounting policies
(a) Basis of preparation
(i)
Compliance with IFRS
(ii) Changes in accounting policies, disclosures, new and amended standards and interpretations
The accounting policies adopted are consistent with those of the previous financial year except as follows:
Defined benefit superannuation plans
New and amended standards and interpretations
The following accounting standards are applicable to the Group for the first time during the current period.
(iii) Historical cost convention
The consolidated financial statements of Bradken Limited and its subsidiaries (collectively referred to as the Group) for the year
ended 30 June 2014 were authorised for issue in accordance with a resolution of the directors on 11 August 2014.
Bradken Limited (the Company or the parent) is a for profit company limited by shares incorporated in Australia whose shares
are publicly traded on the Australian Stock Exchange.
The principal accounting policies adopted in the preparation of these consolidated financial statements are set out below. These
policies have been consistenty applied to all years presented, unless otherwise stated. The financial statements are for the
consolidated entity consisting of Bradken Limited and its subsidiaries.
The consolidated financial statements of the Bradken Limited group also comply with International Financial Reporting
Standards (IFRS) as issued by the International Accounting Standards Board (IASB). These general purpose financial
statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the
Australian Accounting Standards Board and the Corporations Act 2001.
These financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial
assets and liabilities (including derivative instruments) at fair value through profit or loss.
The group operates three defined benefit plans in its North American operations. The revised AASB 119 has been applied
retrospectively from 1 July 2012. This has not had a material impact on the financial statements as the only change in the
Group's accounting policy is with respect to the way the Group accounts for the expected return on plan assets. The difference
between actual returns and the amount reported in the profit and loss will permanently bypass the profit and loss by being
recorded as an actuarial variance.
The adoption of these standards did not have a significant impact on the Group's financial results, balance sheet or disclosures,
with the exception of
AASB 13 Fair Value Measurement
, which has resulted in additional disclosure in the notes to the financial
statements. All other accounting policies are consistent with those adopted and disclosed in the annual financial report for the
year ended 30 June 2013. Accounting policies are applied consistently by each entity in the Group.
EARLY ADOPTION OF
AASB 2013-3
Recoverable Amount Disclosures for Non-Financial Assets – Amendments to
AASB 136
Impairment of Assets
These amendments remove the unintended consequences of
AASB 13
on the disclosures required under
AASB 136
. In
addition, these amendments require disclosure of the recoverable amounts for the assets or CGUs for which impairment loss
has been recognised or reversed during the period. These amendments are effective retrospectively for annual periods
beginning on or after 1 January 2014 with earlier application permitted, provided
AASB 13
is also applied. The Group has early
adopted these amendments to
AASB 136
in the current period since the amended/additional disclosures provide useful
information as intended by the AASB. Accordingly, these amendments have been considered while making disclosures for
impairment of nonfinancial assets in Note 16. These amendments would continue to be considered for future disclosures.
AASB 10
Consolidated Financial Statements
AASB 12
Disclosure of Interests in Other Entities; and
AASB 13
Fair Value Measurement
AASB 119
Employee Benefits
AASB 2012-2
Amendments to Australian Accounting Standards - Disclosures - Offsetting Financial Assets and Financial
Liabilities
AASB 2012-4
Amendments to Australian Accounting Standards to Remove Individual Key Management Personnel Disclosure
Requirements [
AASB 124
]
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