Wellcom_FY11-Financial-Report

The amendments will affect particularly entities that

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 2011) Amendments made to AASB 7 Financial Instruments: Disclosures in November 2010 introduce additional disclosures in respect of risk exposures arising from transferred financial assets. The amendments will affect particularly entities that sell, factor, securitise, lend or otherwise transfer financial assets to other parties. They are not expected to have any significant impact on the Group’s disclosures. The group intends to apply the amendment from 1 July 2011. AASB 2010-8 Amendments to Australian Accounting Standards – Deferred Tax: Recovery of Underlying Assets (effective from 1 January 2012) In December 2010, the AASB amended AASB 112 Income Taxes to provide a practical approach for measuring deferred tax liabilities and deferred tax assets when investment property is measured using the fair value model. The Group will apply the amendment from 1 July 2012, though it will not have any effect on the Group’s financial statements. 42 Wellcom Group Limited Notes to the Consolidated Financial Statements 3. Profit from operations For personal use only 2011 $’000 57,258 (d) Depreciation, amortisation & impairment Depreciation of non-current assets Amortisation of non–current assets Impairment of non-current assets (24,974) (101) (89) (25,164) (1,975) (1,975) (c) Employee benefits expense Salaries and wages Fringe benefits tax Staff amenities 171 96 1,520 187 1,974 (26,320) (54) (100) (26,474) (b) Other income Interest revenue (bank deposits) Net gains on dis...
View Full Document

This document was uploaded on 02/06/2014.

Ask a homework question - tutors are online