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Unformatted text preview: account for its interest in the venture’s net assets using the equity method of accounting.
IAS 28 “Investments in Associates and Joint Ventures (2011)” (“IAS 28 (2011)”) was amended as a consequence of the
issuance of IFRS 11. In addition to prescribing the accounting for investments in associates, it now also addresses
joint ventures that are to be accounted for by the equity method. The application of the equity method has not
changed as a result of this amendment.
The Company adopted IFRS 11 and IAS 28 (2011) on January 1, 2013. As a result of adoption, the Company’s
consolidated financial statements will be impacted as follows: The Company will classify its interest in Round Mountain as a joint operation, and will continue to account
for its share of Round Mountain’s assets, liabilities, revenue, and expenses; The Company will classify its interest in Sociedad Contractual Minera Puren (“Puren”, included in the La
Coipa segment) as a joint venture, and will account for its interest in the net assets of Puren using the
equity method of accounting and will no longer apply proportionate consolidation. As at January 1, 2012
and December 31, 2012, the Company’s interest in Puren’s net assets was $45.9 million and $20.3 million,
respectively; and, The Company will classify its interest in Crixás (held from January 1, 2012 to June 28, 2012, the date of sale)
as a joint venture, and will account for its interest in the net assets of Crixás using the equity method of
accounting. As at January 1, 2012 and December 31, 2012, the Company’s interest in Crixás’ net assets was
$106.5 million and $nil, respectively. IFRS 12 “Disclosure of Interests in Other Entities” (“IFRS 12”) is a comprehensive standard on disclosure requirements
for all forms of interests in other entities, including subsidiaries, joint arrangements, associates, and structured
entities. This standard carries forward the disclosures that existed under IAS 27, IAS 28 and IAS 31, and also
introduces additional disclosure require...
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This document was uploaded on 03/30/2014.
- Spring '14