The accompanying unaudited condensed consolidated interim financial statements follow the same accounting policies and methods of application as the audited consolidated financial statements of the Company for the year ended except as noted below.

 

IFRS ("IFRS ):

IFRS () introduces new requirements for the classification and measurement of financial assets. Under IFRS (), financial assets are classified and measured based on the business model in which they are held and the characteristics of their contractual cash flows. The standard introduces additional changes relating to financial liabilities and also amends the impairment model by introducing a new ‘expected credit loss’ model for calculating impairment. IFRS () also includes a new general hedge accounting standard which aligns hedge accounting more closely with risk management. The adoption of this policy did have a material impact on the financial results as its financial assets are primarily cash and cash equivalents and highly liquid investments, and the Company does enter into any hedging activities.

 

 

IFRS (“IFRS )

On the IASB issued IFRS . The new standard is effective for annual periods beginning on or after IFRS will replace IAS Leases. This standard introduces a single lessee accounting model and requires a lessee to recognize assets and liabilities for all leases with a term of more than months, unless the underlying asset is of low value. The extent of the impact of adoption of the standard has yet been determined.