54
ICON ENERGY LIMITED
2015 Annual Report ABN 61 058 454 569
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2015
54
FOR THE YEAR ENDED 30 JUNE 2015
NOTE 1 - STATEMENT OF ACCOUNTING POLICIES
(a)
•
-
-
-
-
-
-
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The new and revised accounting standards that are mandatory for the first time for the year ended 30 June 2015.
The financial statements have been prepared on an accruals basis and are based on historical costs modified by the
revaluation of selected non-current assets and financial assets for which the fair value basis of accounting is applied. All
amounts are presented in Australian dollars, unless otherwise noted. This is also the functional currency of the parent.
The financial statements of Icon Energy Limited and its controlled entities comply with all International Financial Reporting
Standards (IFRS) in their entirety.
The following is a summary of the material accounting policies adopted by the consolidated entity in the preparation of the
financial statements. The accounting policies have been consistently applied unless otherwise stated.
Changes in Accounting Policies
The financial statements cover Icon Energy Limited and controlled entities as a consolidated entity. Icon Energy Limited is a
listed public company, incorporated and domiciled in Australia.
The financial report was authorised for issue by the Board of Directors on 25 August 2015.
Standards and Interpretations adopted
AASB 2014-1 Amendments to Australian Accounting Standards’ (Part A: Annual Improvements 2010–2012 and
2011–2013 Cycles)
.
Part A of AASB 2014-1 makes amendments to various Australian Accounting Standards arising from the
issuance by the IASB of International Financial Reporting Standards
Annual Improvements to IFRSs 2010-2012
Cycle and Annual Improvements to IFRSs 2011-2013 Cycle.
Among other improvements, the amendments arising from Annual Improvements to IFRSs 2010-2012 Cycle:
Part A of AASB 2014-1 is applicable to annual reporting periods beginning on or after 1 July 2014. The adoption
of these amendments has not had a material impact on the Group as they are largely of the nature of clarification
of existing requirements.
The amendments to AASB 2 change the definitions of 'market condition' and 'vesting' and add the
definition of 'performance condition' and 'service condition'.
The amendments to AASB 13 clarify that that the issue of AASB 13 and consequential
amendments to AASB 139 and AASB 9 did not remove the ability to measure short-term
receivables and payables with no stated interest rate at their invoice amounts without discounting,
if the effect of discounting is immaterial.
The amendments to AASB 116 and AASB 138 remove perceived inconsistencies in the
accounting for accumulated depreciation/amortisation when an item of property, plant and
equipment or an intangible asset is revalued. The amended standards clarify that the gross
carrying amount is adjusted in a manner consistent with the revaluation of the carrying amount of
the asset and that accumulated depreciation/amortisation is the difference between the gross
carrying amount and the carrying amount after taking into account accumulated impairment
losses.
Standards and Interpretations affecting presentation and disclosure
The financial statements are general purpose financial statements that have been prepared in accordance with Australian
Accounting Standards (including Australian Accounting Interpretations) and other authorative pronouncements of the
Australian Accounting Standards Board and the
Corporations Act 2001
.
The amendments to AASB 3 clarify that contingent consideration, irrespective of whether the
contingent consideration is a financial instrument within or not within the scope of AASB 9, should
be measured at fair value at each reporting date and changes in fair value shall be recognised in
profit or loss.
The amendments to AASB 8 (i) require an entity to disclose the judgements made by
management in applying the aggregation criteria to operating segments, including a description of
the operating segments aggregated and economic indicators assessed in determining whether the
operating segments have similar economic characteristics; and (ii) provide reconciliations of the
total of the reportable segments' assets to the entity's assets only if the segment assets are
regularly provided to the chief operating decision-maker (Note 19).
The amendments to AASB 124 clarify that a management entity providing key management
personnel services to a reporting entity is a related party of the reporting entity. Amounts incurred
by the entity for the provision of key management personnel services that are provided by a
separate management entity shall be disclosed as related party transactions. However, disclosure
of the components of such compensation is not required.
