ANNUAL REPORT 2006

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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 <strong>2006</strong> 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 <strong>2006</strong> 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. page 66
NOTE 23: TRANSITION TO AIFRS (continued) Total Equity reflecting reconciliation of adjustments to AIFRS as at 30 June 2005 EQUITY Equity attributable to equity holders of the parent Note Consolidated Parent AGAAP $ AIFRS Impact $ AIFRS $ AGAAP $ AIFRS Impact $ AIFRS $ Contributed equity 26,387,002 - 26,387,002 26,387,002 - 26,387,002 Accumulated losses (23,851,538) (701,419) (24,552,957) (23,851,538) (701,419) (24,552,957) Breakdown of impact on accumulated losses: Employee options expense 23(a) (701,419) (701,419) A N N U A L R E P O R T 2 0 0 6 Reserves 23(a) 854,555 854,555 854,555 854,555 Breakdown of impact on other reserves: Employee options 23(a) 854,555 854,555 TOTAL EQUITY 2,535,464 153,136 2,688,600 2,535,464 153,136 2,688,600 page 67
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ANNUAL REPORT 2006
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ITEM PAGE Chairman’s Report 2 Rev
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Interpretation of detailed aeromagn
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PLATINUM GROUP METALS Platinum Aust
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Project Development PLA has complet
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• Cash Operating Cost of US$226/o
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Project Development Platinum Austra
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A N N U A L R E P O R T 2 0 0 6 Pan
Page 17 and 18: The Board is responsible for settin
Page 19 and 20: The Chairman of the Board will chai
Page 21 and 22: DIRECTORS’ REPORT The directors o
Page 23 and 24: 3. PRINCIPAL ACTIVITIES The princip
Page 25 and 26: B Details of Remuneration (this inf
Page 27 and 28: Milestone 1 was achieved in July 20
Page 29 and 30: 13. ENVIRONMENTAL COMPLIANCE The Co
Page 31 and 32: CONSOLIDATED INCOME STATEMENT FOR T
Page 33 and 34: CONSOLIDATED CASH FLOW STATEMENT FO
Page 35 and 36: CONSOLIDATED STATEMENT OF CHANGES I
Page 37 and 38: NOTE 1: STATEMENT OF SIGNIFICANT AC
Page 49 and 50: NOTE 3: INCOME TAX Consolidated 200
Page 51 and 52: NOTE 4: SEGMENT REPORTING (continue
Page 53 and 54: NOTE 6: CASH AND CASH EQUIVALENTS 2
Page 55 and 56: NOTE 7: RECEIVABLES Current 2006 $
Page 57 and 58: NOTE 9: PROPERTY, PLANT AND EQUIPME
Page 59 and 60: NOTE 10: SHARE BASED PAYMENT PLANS
Page 61 and 62: NOTE 13: CONTRIBUTED EQUITY AND RES
Page 63 and 64: NOTE 14: FINANCIAL INSTRUMENT DISCL
Page 65 and 66: NOTE 17: INTEREST IN ASSOCIATE Name
Page 67: NOTE 22: KEY MANAGEMENT PERSONNEL D
Page 71 and 72: NOTE 24: CHANGES TO ACCOUNTING STAN
Page 73 and 74: DIRECTORS’ DECLARATION 1. In the
Page 75 and 76: Independence In conducting our audi
Page 77 and 78: SHAREHOLDERS INFORMATION AT 28 SEPT
Page 80: 3rd Floor, 18 Richardson Street Wes
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ANNUAL REPORT 2006

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