Reviewed condensed group financial statements and unreviewed production and sales volumes information for the year ended 31 December 2014

NOTES TO THE REVIEWED CONDENSED GROUP FINANCIAL STATEMENTSfor the year ended 31 December

3.  

Significant accounting policies  

 

The accounting policies adopted in the preparation of the reviewed condensed group financial statements are in line with IFRS and are consistent with those followed in the preparation of the group's annual financial statements for the year ended 31 December 2013, except for the adoption of new standards and interpretations effective 1 January 2014 (where applicable).  

 

The accounting standards and amendments issued to accounting standards and interpretations which are relevant to the group, but not yet effective at 31 December 2014, have not been adopted. It is expected that, where applicable, these standards and amendments will be adopted on each respective effective date, except where specifically identified. The group continuously evaluates the impact of these standards and amendments.  

 

The nature and the impact of each new standard or amendment, effective on 31 December 2014, are described below:  

 

Investment entities (amendments to IFRS 10 Consolidated Financial Statements, IFRS 12 Disclosure of Interest in Other Entitiesand IAS 27 Separate Financial Statements

 

These amendments provide an exception to the consolidation requirement for entities that meet the definition of an investment entity under IFRS 10. The exception requires investment entities to account for subsidiaries at fair value through profit or loss. These amendments have no impact on the group, since none of the entities in the group qualify to be classified as investment entities under IFRS 10.  

 

Offsetting financial assets and financial liabilities (amendments to IAS 32 Financial instruments: Presentation

 

These amendments clarify the meaning of “currently has a legally enforceable right to offset” as well as the criteria for non-simultaneous settlement mechanisms of clearing houses to qualify for offsetting. These amendments have no impact on the group as the group does not offset financial assets and financial liabilities.  

 

Novation of derivatives and continuation of hedge accounting (amendments to IAS 39 Financial instruments: Recognition and Measurement

 

These amendments provide relief from discontinuing hedge accounting when novation of a derivative designated as a hedging instrument meets certain criteria. These amendments have no impact on the group as the group has not novated its derivatives during the current or prior periods.  

 

Recoverable amount disclosures for non-financial assets (amendments to IAS 36 Impairment of Assets) 

 

These amendments remove the unintended consequences of IFRS 13 Fair Value Measurement on the disclosure required under IAS 36. In addition, these amendments require disclosure of the recoverable amounts for the assets or cash-generating units (CGUs) for which an impairment loss has been recognised or reversed during the period. The group adopted these disclosure requirements on 1 January 2014.