ANNUAL REPORT 2006

P L AT I N U M A U S T R A L I A A N N U A L R E P O R T 2 0 0 6
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2006
NOTE 23: TRANSITION TO AIFRS
For all periods up to and including the year ended 30 June 2005, the Group prepared its financial statements in
accordance with Australian generally accepted accounting practice (‘AGAAP’). These financial statements for the
year ended 30 June 2006 are the first the Group is required to prepare in accordance with Australian equivalents to
International Financial Reporting Standards (‘AIFRS’).
Accordingly, the Group has prepared financial statements that comply with AIFRS applicable for periods beginning on
or after 1 January 2005 and the significant accounting policies meeting those requirements are described in Note 1.
In preparing these financial statements, the Group has started from an opening balance sheet as at 1 July 2004, the
Group’s date of transition to AIFRS, and made those changes in accounting policies and other restatements required
by AASB 1 First-time adoption of AIFRS.
This note explains the principal adjustments made by the Group in restating its AGAAP balance sheet as at 1 July
2004 and its previously published AGAAP financial statements for the year ended 30 June 2005.
Exemptions applied
AASB 1 allows first-time adopters certain exemptions from the general requirement to apply AIFRS retrospectively.
The Group has taken the following exemptions:
• Comparative information for financial instruments is prepared in accordance with AGAAP and the company
and group have adopted AASB 132: Financial Instruments: Disclosure and Presentation and AASB 139
Financial Instruments: Recognition and Measurement from 1 July 2005.
• AASB 3 Business Combinations has not been applied to acquisitions of subsidiaries or of interests in
associates and joint ventures that occurred before 1 July 2004.
• Cumulative currency translation differences for all foreign operations are deemed to be zero as at 1 July
2004.
• AASB 2 Share-based Payment has not been applied to any equity instruments that were granted on or before
7 November 2002, nor has it been applied to equity instruments granted after 7 November 2002 that vested
before 1 January 2005.
Explanation of material adjustments to the cash flow statement
There are no material differences between the cash flow statement presented under AIFRS and the cash flow
statement presented under previous AGAAP.
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