This preview shows page 1. Sign up to view the full content.
Unformatted text preview: monstrating the technical feasibility and commercial viability of a project.
Impairment is determined for an individual asset unless the asset does not generate cash inflows that are
independent of those generated from other assets or groups of assets, in which case, the individual assets
are grouped together into CGUs for impairment purposes.
An impairment exists when the carrying amount of the asset, or group of assets, exceeds its recoverable
amount. The impairment loss is the amount by which the carrying value exceeds the recoverable amount
and such loss is recognized in the consolidated statement of operations. The recoverable amount of an
asset is the higher of its fair value less costs to sell and its value in use.
A previously recognized impairment loss is reversed if there has been a change in the estimates used to
determine the asset’s recoverable amount since the last impairment loss was recognized such that the
recoverable amount has increased. (d) Derecognition
The carrying amount of an item of property, plant and equipment is derecognized on disposal of the asset
or when no future economic benefits are expected to accrue to the Company from its continued use. Any
gain or loss arising on derecognition is included in the consolidated statement of operations in the period in
which the asset is derecognized. The gain or loss is determined as the difference between the carrying
value and the net proceeds on the sale of the assets, if any, at the time of disposal. FS16 KINROSS GOLD 2012 ANNUAL REPORT xii. Financial instruments and hedging activity
(a) Financial instrument classification and measurement
Financial instruments are measured on initial recognition at fair value, plus, in the case of financial
instruments other than those classified as “fair value through profit and loss”, directly attributable
transaction costs. Measurement of financial assets in subsequent periods depends on whether the financial
instrument has been classified as “fair value through profit and loss”, “availabl e-for-sale”,
“held-to-maturity”, or “loans and receivables”. Measurement of financial liabilities subsequent to initial
View Full Document
This document was uploaded on 03/30/2014.
- Spring '14