Annual Report 2011 - Syrah Resources Ltd

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Syrah Resources Limited Notes to the financial statements 30 June 2011 Note 2. Critical accounting judgements, estimates and assumptions The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Share-based payment transactions The consolidated entity measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined by using either the Binomial or Black-Scholes model taking into account the terms and conditions upon which the instruments were granted. The accounting estimates and assumptions relating to equity-settled share-based payments would have no impact on the carrying amounts of assets and liabilities within the next annual reporting period but may impact profit or loss and equity. Tax losses The Company has not recognised a deffered tax asset with regard to unused tax losses and other temporary differences, as it has not been determined whether the Company will generate sufficient taxable income against which the unused tax losses and other temporary differences can be utilised in the foreseeable future. Long service leave provision As discussed in note 1, the liability for long service leave is recognised and measured at the present value of the estimated future cash flows to be made in respect of all employees at the reporting date. In determining the present value of the liability, estimates of attrition rates and pay increases through promotion and inflation have been taken into account. Exploration and evaluation assets At each reporting period the directors review the carrying amount of each of the tenements by assessing whether any of the indicators of impairment outlined in AASB 6 Exploration for and Evaluation of Mineral Resources are in existence. Note 3. Operating segments The Company operated predominately as an explorer for base and precious metals with exploration activities being performed in both Australia and Saudi Arabia. The Group has adopted AASB 8 Operating Segments with effect from 1 January 2009. AASB 8 requires operating segments to be identified on the basis of internal reports about the components of the Group that are regularly reviewed by the chief decision maker in order to allocate resources to the segment and to assess its performance. During the year, the Board started to review the performance of the Australian and Saudi Arabian operations separately and as such the consoldiated entity for first time, now includes two operating segments: Australian exploration and Saudi exploration. 28
Syrah Resources Limited Notes to the financial statements 30 June 2011 Note 3. Operating segments (continued) Operating segment information 2011 Revenue Other income Total revenue Loss before income tax expense Income tax expense Loss after income tax expense Assets Segment assets Total assets Liabilities Segment liabilities Total liabilities Saudi Australian Intersegment Computer exploration exploration eliminations/ manufacturing unallocated Consolidated $ $ $ $ $ $ - - - - 48,219 48,219 - - - - 48,219 48,219 - - (225,181) - (760,563) (985,744) - (985,744) - - 337,201 924,272 876,488 2,137,961 2,137,961 - - 484,953 - (334,966) 149,987 149,987 Note: There are no comparatives for operating segments for 2010, as there was only Australian exploration. Note 4. Revenue Consolidated 2011 2010 $ $ Other revenue Interest revenue Revenue 48,219 68,872 - - 48,219 68,872 29
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Annual Report 2011 - Syrah Resources Ltd

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