64
ICON ENERGY LIMITED
2015 Annual Report ABN 61 058 454 569
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2015
64
FOR THE YEAR ENDED 30 JUNE 2015
NOTE 9 - TRADE AND OTHER PAYABLES
30 June 2015 30 June 2014
$
$
565,410
46,151
211,255
1,425,019
776,665
1,471,170
Payables and accruals to a joint operations partner represent expenes are non-interest bearing.
30 June 2015 30 June 2014
$
$
1,570,110 1,773,973
-
613,720
-
(61,211)
-
(217,778)
-
26,556
29,552
(96,967)
(568,146)
1,499,699 1,570,110
NOTE 8 - EXPLORATION AND EVALUATION EXPENDITURE (Continued)
Management bases its judgements, estimates and assumptions on historical and on other various factors including
expectations of future events, management belives to be reasonable under the circumstances.
Restoration provision
Restoration provision represents the present value of estimated costs for future restoration of land explored by the
consolidated entity at the end of the exploration activity.
Trade and sundry payables
CONSOLIDATED ENTITY
CONSOLIDATED ENTITY
Payables and accruals to a joint operations partner
The restoration provision recognised for each tenement is periodically reviewed and updated based on the facts and
circumstances available at the time. Changes to the estimated future costs are recognised in the balance sheet by adjusting
both the restoration and rehabilitation asset and provision. Such changes trigger a change in future depreciation and financial
charges.
Balance at end of the year
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Exploration and evaluation expenditure incurred is carried forward for each area of interest. This expenditure is only carried
forward if it is expected to be recovered through the successful development, commercial exploitation or alternatively sale of
respective areas of interest or where the activities in the area of interest have not reached a stage which permits a reasonable
assessment of economically recoverable reserves and active and significant operations in the area of interest are continuing.
In assessing the recoverability of exploration and evaluation expenditure in the financial report, the directors have considered
the impacts of relationships with joint venture operators, future funding arrangements and planned future expenditure in
relation to mining leases held.
Current
Liabilities arising from exploration and evaluation activities amounted to $565,410 and formed part of trade and other payables
(Note 9) (30 June 2014: $52,063)
Consolidated Entity
Balance at beginning of the year
NOTE 10 - PROVISIONS
Movements in the carrying amounts for each class of provision between the beginning and the end of the current financial
year:
Movements in carrying amounts
Reversal of provision
Additional provision recognised
Charged/(credited) to profit or loss:
unwinding of discount
Amounts used during the year
Reduction due to change in estimate
