The application of the equity method has not changed

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Unformatted text preview: r its share of Round Mountain’s assets, liabilities, revenue, and expenses; The Company will classify its interest in Sociedad Contractu al 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. MDA46 KINROSS GOLD 2012 ANNUAL REPORT 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 requirements that address the nature of, and risks associated with an entity’s interests in other entities. The Company’s consolidated financial stat ements 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 consolidated financial statements upon adoption of IFRS 13 on January 1, 2013. The Company’s consolidated financial statements in subsequent periods will include new d isclosures as req...
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This document was uploaded on 03/30/2014.

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