Page 52 - Sun Resources Annual Report 2013

NOTES TO AND FORMING PART OF THE
CONSOLIDATED FINANCIAL STATEMENTS
For the Year Ended 30 June 2013
1 Summary of Significant Accounting Policies
The financial statements are general purpose financial statements that have been prepared in accordance
with Australian Accounting Standards, including Australian Accounting Interpretations, other authoritative
pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001.
The financial statements covers the consolidated entity of Sun Resources NL and its controlled subsidiaries.
Sun Resources is a listed public company, incorporated and domiciled in Australia (ASX Code:SUR) and is a for-
profit entity for the purpose of preparing the financial statements.
The following is a summary of the material accounting policies adopted by the consolidated entity in the preparation
of the financial report. The accounting policies have been consistently applied, unless otherwise stated.
Change in accounting policies
There were no changes in accounting policies during the year.
Basis of Preparation
Statement of Compliance
The financial report complies with Australian Accounting Standards, and also complies with International Financial
Reporting Standards (IFRS).
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not
yet effective have not been adopted by the Group for the annual reporting period ending 30 June 2013. It is not
anticipated that there will be any material impact on the Group as a result of these new standards.
These are outlined in the table below.
New or revised requirement Application date for Sun
AASB 9 ‘Financial Instruments’ (December 2009), AASB 2009-11 ‘Amendments to Australian
Accounting Standards arising from AASB 9’ and AASB 2012-6 ‘Amendments to Australian
Accounting Standards – Mandatory Effective Date of AASB 9 and Transition Disclosures’
30 June 2014
AASB 9 ‘Financial Instruments’ (December 2010) and AASB 2010-7 ‘Amendments to
Australian Accounting Standards arising from
AASB 9 (December 2010)’ and AASB 2012-6 ‘Amendments to Australian Accounting
Standards – Mandatory Effective Date of AASB 9 and
Transition Disclosures’
30 June 2014
AASB 10 Consolidated Financial Statements 30 June 2014
AASB 11 Joint Arrangements
When this standard is first adopted for the year ended 30 June 2014, Sun will equity account
for its ownership in the Joint Venture with Amerril energy LLC
30 June 2014
AASB 12 Disclosure of Interests in Other Entities 30 June 2014
AASB 127 Separate Financial Statements 30 June 2014
AASB 128 Investments in Associates and Joint Ventures (2011) 30 June 2014
AASB 13 Fair Value Measurement and related AASB 2011-8 Amendments to Australian
Accounting Standards arising from AASB 13 30 June 2014
AASB 119 Employee Benefits (2011), AASB 2011-10 Amendments to Australian Accounting
Standards arising from AASB 119 (2011) and
AASB 2011-11 Amendments to AASB 119 (2011)
30 June 2014
AASB 2011-4 Amendments to Australian Accounting Standards to Remove Individual Key
Management Personnel Disclosure Requirements 30 June 2014
AASB 2011-7 Amendments to Australian Accounting Standards arising from the Consolidation
and Joint Arrangement standards 30 June 2014
AASB 2012-2 ‘Amendments to Australian Accounting Standards – Disclosures – Offsetting
Financial Assets and Financial Liabilities (Amendments to AASB 7)’ 30 June 2014
AASB 2012-3 ‘Amendments to Australian Accounting Standards – Offsetting Financial Assets
and Financial Liabilities (Amendments to AASB 132)’ 30 June 2014
AASB 2012-5 ‘Amendments to Australian Accounting Standards arising from Annual
Improvements 2009–2011 Cycle’ 30 June 2014
AASB 2012-6 ‘Amendments to Australian Accounting Standards – Mandatory Effective Date of
AASB 9 and Transition Disclosures’ 30 June 2014
SUN RESOURCES ANNUAL REPORT 2013 50