Unformatted text preview: ments that address the nature of, and risks associated with an entity’s KINROSS GOLD 2012 ANNUAL REPORT FS21 interests in other entities. The Company’s financial statements in subsequent periods will include new disclosures as
required by IFRS 12.
Fair value measurement
In May 2011, the IASB issued IFRS 13 “Fair Value Measurement” (“IFRS 13”), which provides guidance on how fair
value should be applied where its use is already required or permitted by other IFRS standards, and includes a
definition of fair value and is a single source of guidance on fair value measurement and disclosure requirements for
use with all IFRS standards.
IFRS 13 is effective for annual periods beginning on or after January 1, 2013. The Company expects no impact on the
Company’s financial statements upon adoption of IFRS 13 on January 1, 2013. The Company’s financial statements in
subsequent periods will include new disclosures as required by IFRS 13.
In October 2010, the IASB issued IFRS 9 “Financial Instruments” (“IFRS 9”) which proposes to replace IAS 39 “Financial
Instruments: recognition and measurement”. The replacement standard has the following significant components:
establishes two primary measurement categories for financial assets — amortized cost and fair value; establishes
criteria for classification of financial assets within the measurement category based on business model and cash flow
characteristics; and eliminates existing held to maturity, available-for-sale, and loans and receivable categories.
IFRS 9 is effective for annual periods beginning on or after January 1, 2015 (as amended from January 1, 2013 by the
IASB in December 2011). The Company will evaluate the impact of the change to its consolidated financial statements
based on the characteristics of its financial instruments at the time of adoption. 5. SIGNIFICANT JUDGMENTS, ESTIMATES AND ASSUMPTIONS
The preparation of the Company’s financial statements in conformity with IFRS requires management to make
judgments, estimates and assumptions that affect the reported amounts of assets and...
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