ANNUAL%20REPORT%202015%20eng

Recommendations

Info

Notes to Consolidated Financial Statements 2 SIGNIFICANT ACCOUNTING POLICIES (Continued) (b) Basis of preparation of the financial statements (Continued) The measurement basis used in the preparation of the financial statements is the historical cost basis except that the following assets and liabilities are stated at their fair value as explained in the accounting policies set out below: – Financial instruments classified as available-for-sale or as trading securities (see Note 2(f)); – Derivative financial instruments (see Note 2(g)). Non-current assets and disposal groups held for sale are stated at the lower of carrying amount and fair value less costs to see (see Note 2(x)). The preparation of financial statements in conformity with IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Judgements made by management in the application of IFRSs that have significant effect on the financial statements and major sources of estimation uncertainty are discussed in Note 3. (c) Changes in accounting policies The IASB has issued a number of new IFRSs and amendments to IFRSs that are first effective for the current accounting period of the Group and the Company. Of these, the following developments are relevant to the Group’s financial statements: • Annual Improvements to IFRSs 2010-2012 Cycle • Annual Improvements to IFRSs 2011-2013 Cycle The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period. Impacts of the adoption of the amended IFRSs are discussed below: Annual Report 2015 119
Notes to Consolidated Financial Statements 2 SIGNIFICANT ACCOUNTING POLICIES (Continued) (c) Changes in accounting policies (Continued) Annual Improvements to IFRSs 2010-2012 Cycle and 2011-2013 Cycle These two cycles of annual improvements contain amendments to nine standards with consequential amendments to other standards. Among them, IAS 24, Related party disclosures has been amended to expand the definition of a “related party” to include a management entity that provides key management personnel services to the reporting entity, and to require the disclosure of the amounts incurred for obtaining the key management personnel services provided by the management entity. These amendments do not have an impact on the Group’s related party disclosures as the Group does not obtain key management personnel services from management entities. (d) Subsidiaries and non-controlling interests Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. When assessing whether the Group has power, only substantive rights (held by the Group and other parties) are considered. An investment in a subsidiary is consolidated into the consolidated financial statements from the date that control commences until the date that control ceases. Intra-group balances, transactions and cash flows and any unrealised profits arising from intra-group transactions are eliminated in full in preparing the consolidated financial statements. Unrealised losses resulting from intra-group transactions are eliminated in the same way as unrealised gains but only to the extent that there is no evidence of impairment. Non-controlling interests represent the equity in a subsidiary not attributable directly or indirectly to the Company, and in respect of which the Group has not agreed any additional terms with the holders of those interests which would result in the Group as a whole having a contractual obligation in respect of those interests that meets the definition of a financial liability. For each business combination, the Group can elect to measure any non-controlling interests either at fair value or at the non-controlling interests’ proportionate share of the subsidiary’s net identifiable assets. Non-controlling interests are presented in the consolidated statement of financial position within equity, separately from equity attributable to the equity shareholders of the Company. Non-controlling interests in the results of the Group are presented on the face of the consolidated statement of profit or loss and the consolidated statement of profit or loss and other comprehensive income as an allocation of the total profit or loss and total comprehensive income for the year between non-controlling interests and the equity shareholders of the Company. Loans from holders of non-controlling interests and other contractual obligations towards these holders are presented as financial liabilities in the consolidated balance sheet in accordance with Notes 2(n) or (o) depending on the nature of the liability. Changes in the Group’s interests in a subsidiary that do not result in a loss of control are accounted for as equity transactions, whereby adjustments are made to the amounts of controlling and noncontrolling interests within consolidated equity to reflect the change in relative interests, but no adjustments are made to goodwill and no gain or loss is recognised. 120 Annual Report 2015
Page 1 and 2:
(Incorporated in the Cayman Islands
Page 3 and 4:
Company Profile Mongolian Mining Co
Page 5 and 6:
Corporate Information BOARD OF DIRE
Page 7 and 8:
Directors and Senior Management BOA
Page 9 and 10:
Directors and Senior Management Gan
Page 11 and 12:
Directors and Senior Management Une
Page 13 and 14:
Directors and Senior Management SEN
Page 15 and 16:
Group Structure 14 Annual Report 20
Page 17 and 18:
Chairman’s Statement I believe th
Page 19 and 20:
Management Discussion and Analysis
Page 21 and 22:
Page 23 and 24:
Page 25 and 26:
Page 27 and 28:
Page 29 and 30:
Page 31 and 32:
Page 33 and 34:
Page 35 and 36:
Page 37 and 38:
Page 39 and 40:
Page 41 and 42:
Page 43 and 44:
Page 45 and 46:
Page 47 and 48:
Page 49 and 50:
Page 51 and 52:
Page 53 and 54:
Sustainability Report OUR APPROACH
Page 55 and 56:
Sustainability Report Fair operatin
Page 57 and 58:
Sustainability Report Figure 3. HR
Page 59 and 60:
Sustainability Report The Company
Page 61 and 62:
Sustainability Report In September
Page 63 and 64:
Sustainability Report Figure 5. LTI
Page 65 and 66:
Sustainability Report Biodiversity
Page 67 and 68:
Sustainability Report In 2015, appr
Page 69 and 70: Sustainability Report There are num
Page 71 and 72: Sustainability Report OUR COMMUNITY
Page 73 and 74: Sustainability Report We receive gr
Page 75 and 76: Sustainability Report As part of th
Page 77 and 78: Sustainability Report Procurement W
Page 79 and 80: Corporate Governance Report BOARD O
Page 81 and 82: Corporate Governance Report Continu
Page 83 and 84: Corporate Governance Report Remuner
Page 85 and 86: Corporate Governance Report The Cor
Page 87 and 88: Corporate Governance Report SHAREHO
Page 89 and 90: Directors’ Report The Directors s
Page 91 and 92: Directors’ Report Risk Management
Page 93 and 94: Directors’ Report FINANCIAL STATE
Page 95 and 96: Directors’ Report DIRECTORS’ SE
Page 97 and 98: Directors’ Report DIRECTORS’ AN
Page 99 and 100: Directors’ Report The basis of el
Page 101 and 102: Directors’ Report Details of the
Page 103 and 104: Directors’ Report RIGHTS TO PURCH
Page 105 and 106: Directors’ Report ER pledged its
Page 107 and 108: Directors’ Report At the time of
Page 109 and 110: Independent Auditor’s Report OPIN
Page 111 and 112: Consolidated Statement of Profit or
Page 113 and 114: Consolidated Statement of Financial
Page 115 and 116: Consolidated Cash Flow Statement Fo
Page 117 and 118: Notes to Consolidated Financial Sta
Page 119: Notes to Consolidated Financial Sta
Page 171 and 172:
Notes to Consolidated Financial Sta
Page 173 and 174:
Page 175 and 176:
Page 177 and 178:
Page 179 and 180:
Page 181 and 182:
Page 183 and 184:
Page 185 and 186:
Page 187 and 188:
Page 189 and 190:
Page 191 and 192:
Page 193 and 194:
Page 195 and 196:
Page 197 and 198:
Page 199 and 200:
Financial Summary SUMMARY DATA OF C
Page 201 and 202:
Glossary and Technical Terms “FOT
Page 203 and 204:
Glossary and Technical Terms “Ore
Page 205 and 206:
Appendix I Technical details of the
Page 207 and 208:
Appendix I Criteria Commentary •
Page 209 and 210:
Appendix I Criteria Commentary Infr
Page 211 and 212:
Page 213 and 214:
show all

ANNUAL%20REPORT%202015%20eng

Create successful ePaper yourself

Delete template?

Save as template?