20974 29Metals AR23 WEB V1 - Flipbook - Page 146
29Metals 2023 Annual Report
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Consolidated Financial Statements continued
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29Metals Appendix 4E and Annual Financial Report for 29Metals Limited and its Controlled Entities for the year ended 31 December 2023
Consolidated Financial Statements
Note 3: Critical accounting judgements, estimates and assumptions
dgements estimates and ass mptions are contin a eva ated and are ased on historica e perience and other factors inc ding e pectations of
f t re events that are e ieved to e reasona e nder the circ mstances
dgements estimates and ass mptions made for the p rposes of the
onso idated inancia tatements are e ieved to e reasona e ased on the most c rrent set of circ mstances avai a e to management ct a res ts
ma differ from these estimates
he dgements estimates and ass mptions that have the potentia to have a significant ris of ca sing a materia ad stment to the carr ing amo nts of
assets and ia i ities ithin the ne t financia ear are o t ined ithin the notes to the onso idated inancia tatements as set o t e o
ƐƚŝŵĂƚĞƐĂŶĚĂƐƐƵŵƉƚŝŽŶƐ͗
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ote (dĂdžĞƐ – ncome ta es
ote (/ŶǀĞŶƚŽƌŝĞƐ – et rea isa e va es
ote (DŝŶĞƉƌŽƉĞƌƚŝĞƐ – inera eso rces and re eserves estimates
ote (WƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ – mpairment of non financia assets
ote (ZŝŐŚƚͲŽĨͲƵƐĞĂƐƐĞƚƐ – stimation of the incrementa orro ing rate to meas re ease ia i ities
ote (/ŵƉĂŝƌŵĞŶƚŽĨŶŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ – e ass mptions
ote (WƌŽǀŝƐŝŽŶƐ – ine reha i itation restoration and dismant ing o igations
:ƵĚŐĞŵĞŶƚƐ͗
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ote (/ŶĐŽŵĞĂŶĚĞdžƉĞŶƐĞƐ – even e recognition and varia e consideration
ote (ZŝŐŚƚͲŽĨͲƵƐĞĂƐƐĞƚƐ – ease term
Note 4: Accounting policies
he acco nting po icies set o t e o and in these notes to the onso idated inancia tatements have een app ied consistent
a entities inc ded
in the ro p and are consistent ith those app ied in the prior ear
other materia acco nting po icies are contained ithin the app ica e notes to
the onso idated inancia tatements
(a) Basis of consolidation
he onso idated inancia tatements inc de the financia statements of the parent entit
entities is inc ded in ote
eta s and its contro ed entities
ist of contro ed
ontro is achieved hen the ro p is e posed or has the rights to varia e ret rns from its invo vement ith the investee and has the a i it to affect
those ret rns thro gh its po er over the investee pecifica the ro p contro s an investee if and on if the ro p has a of the fo o ing
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po er over the investee (i e e isting rights that give it the c rrent a i it to direct the re evant activities of the investee
e pos re or rights to varia e ret rns from its invo vement ith the investee and
the a i it to se its po er over the investee to affect its ret rns
he ro p reassesses hether or not it contro s an investee if facts and circ mstances indicate that there are changes to one or more of the three
e ements of contro
ssets ia i ities income and e penses of a s sidiar ac ired or disposed of d ring the ear are inc ded in the onso idated inancia tatements from
the date the ro p gains contro nti the date the ro p ceases to contro the entit
(b) Foreign Currency
(i) Foreign currency transactions
ransactions in foreign c rrencies are initia recorded in the f nctiona c rrenc
app ing the e change rates r ing at the date of the transaction
onetar assets and ia i ities denominated in foreign c rrencies are retrans ated at the rate of e change r ing at the a ance date oreign e change
differences res ting from the sett ement of transactions and from the trans ation of monetar assets and ia i ities denominated in foreign c rrencies at
ear end are recognised in the onso idated tatement of omprehensive ncome
(ii) Foreign operations
he assets and ia i ities of foreign operations inc ding fair va e ad stments arising on ac isition are trans ated at the e change rates at the
reporting date he income and e penses of foreign operations are trans ated at the e change rates at the dates of the transactions oreign c rrenc
differences are recognised in other comprehensive income (‘K/’ and acc m ated in the rans ation eserve
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