COPY OF FINAL PROSPECTUS - Mirabela Nickel
COPY OF FINAL PROSPECTUS - Mirabela Nickel
COPY OF FINAL PROSPECTUS - Mirabela Nickel
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MIRABELA NICKEL LIMITED<br />
NOTES TO FINANCIAL STATEMENTS (Continued)<br />
For the year ended 30 June 2006<br />
1. SIGNIFICANT ACCOUNTING POLICIES (Continued)<br />
(p) Segment reporting<br />
A segment is a distinguishable component of the consolidated entity that is engaged either in providing products or services<br />
(business segment), or in providing products or services within a particular economic environment (geographical segment), which is<br />
subject to risks and rewards that are different from those of other segments.<br />
(q) Goods and Services Tax<br />
Revenue, expenses and assets are recognised net of the amount of goods and services tax (GST), except where the amount of GST<br />
incurred is not recoverable from the taxation authority. In these circumstances, the GST is recognised as part of the cost of<br />
acquisition of the asset or as part of the expense.<br />
Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from, or payable to,<br />
the ATO is included as a current asset or liability in the statement of financial position.<br />
Cash flows are included in the statement of cash flows on a gross basis. The GST components of cash flows arising from investing<br />
and financing activities which are recoverable from, or payable to, the ATO are classified as operating cash flows.<br />
2. SEGMENT INFORMATION<br />
During the year <strong>Mirabela</strong> <strong>Nickel</strong> Limited operated in one business segment — mineral exploration, and in one geographical area —<br />
Brazil.<br />
3. NET FINANCIAL INCOME<br />
Consolidated The Company<br />
2006 2005 2006 2005<br />
(AUD) (AUD) (AUD) (AUD)<br />
Interest received .............................................. 161,918 86,490 161,893 86,483<br />
Foreign exchange gain ........................................... — — — 2,394<br />
Net financial income ............................................ 161,918 86,490 161,893 88,877<br />
4. PERSONNEL EXPENSES<br />
Consolidated The Company<br />
2006 2005 2006 2005<br />
(AUD) (AUD) (AUD) (AUD)<br />
Wages and salaries ............................................. 107,426 17,915 86,842 17,915<br />
Directors fees ................................................ 60,000 60,000 60,000 60,000<br />
Share-based payments ........................................... 242,339 — 242,339 —<br />
409,765 77,915 389,181 77,915<br />
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