Page 48 - Sun Resources 2014 Annual Report

NOTES TO AND FORMING PART OF
THE CONSOLIDATED FINANCIAL
STATEMENTS  FOR THE YEAR ENDED 30 JUNE 2014
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 cover 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. These financial statements have been approved for
issue by the Board of Directors on 26 September 2014.
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
The new standards and amendments that are mandatory for the first time for the financial year beginning 1 July 2013 are:
•• AASB 10 Consolidated Financial Statements;
•• AASB 11 Joint Arrangements;
•• AASB 12 Disclosure of Interests in Other Entities;
•• AASB 13 Fair Value Measurement;
•• AASB 119 Employee Benefits;
•• AASB 2012-2 Amendments to Australian Accounting Standards – Disclosures – Offsetting Financial Assets
and Financial Liabilities; and
•• AASB 2011-4 Amendments to Australian Accounting Standards to Remove Individual Key Management
Personnel Disclosure Requirements.
None of these standards or amendments to standards affected any of the amounts recognised in the current period or
any prior period and are not likely to affect future periods.
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 2014. 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.
Reference Title (summarised) Application date for Sun
AASB 2012-3 Amendments of Australian Accounting Standards – Offsetting Financial
Assets and Financial Liabilities
1 July 2014
Interpretation 21 Levies 1 July 2014
AASB 9 Financial Instruments 1 July 2018
AASB 2013-3 Amendments to AASB 136 – Recoverable Amount Disclosures for Non-
Financial Assets Standards – Offsetting Financial Assets and Financial
Liabilities
1 July 2014
Annual
Improvements 2010-
2012 Cycle
Amendments to Australian Accounting Standards – Disclosures – Offsetting
Financial Assets and Financial Liabilities
1 July 2014
Annual
Improvements 2011-
2013 Cycle
Annual Improvements to IFRSs 2011-2013 Cycle 1 July 2014
AASB 1031 Materiality 1 July 2014
AASB 2013-9 Amendments to Australian Accounting Standards – Conceptual
Framework, Materiality and Financial Instruments
1 July 2014
Clarification of Acceptable methods of Depreciation and Amortisation
(Amendments to IAS 16 and IAS38)
1 July 2016
IFRIS 15 Revenue from Contracts with Customers 1 July 2017
46 SUN RESOURCES ANNUAL REPORT 2014