83
CONSOLIDATED FINANCIAL STATEMENTS
DRIVING GROWTH FROM WITHIN
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013
(All amounts in US$‘000’s unless otherwise stated)
IFRS 9 Financial Instruments (Hedge Accounting and amendments to IFRS 9, IFRS 7 and IAS 39) (Amendment)
The amendment to IFRS 9
Financial Instruments
which includes the new hedge accounting requirements and some related
amendments to IAS 39
Financial Instruments; Recognition and Measurement
and IFRS 7
Financial Instruments
;
Disclosures.
IFRS 9 (2013) also replicates the amendments in IAS 39 in respect of novations. The amendments allow
for early adoption of the requirement to present fair value changes due to own credit on liabilities designated as at fair
value through profit or loss to be presented in other comprehensive income. The amendments are effective for annual
periods beginning on or after January 1, 2018, with earlier application permitted.
IFRS 9 Financial Instruments – Expected Credit Losses
On 24 July 2014, the International Accounting Standards Board (IASB) issued the final version of IFRS 9
Financial
Instruments,
bringing together the classification and measurement, impairment and hedge accounting phases of the
IASB’s project to replace IAS 39
Financial Instruments: Recognition and Measurement
and all previous versions of IFRS
9. The amendments are effective for annual periods beginning on or after January 1, 2018. Entities will also have the
option to early apply the accounting for own credit risk-related fair value gains and losses arising on financial liabilities
designated at fair value through profit or loss without applying the other requirements of IFRS 9.
3. Cash and Cash Equivalents
December 31,
December 31,
2014
2013
Cash
$ 15,234
$ 11,066
Cash equivalents
27,633
20,638
$ 42,867
$ 31,704
4. Short Term Investments
December 31,
December 31,
2014
2013
Held for trading short term investments
$ 34,391
$ 17,411
5. Accounts Receivable and Other Assets and Deposits
on Long Term Assets
The current accounts receivables and other assets are comprised of the following:
December 31,
December 31,
2014
2013
Trade receivables from concentrate sales
$ 16,573
$
9,797
Current portion of long term receivables
209
488
Current portion of borrowing costs
244
265
Advances and other receivables
2,906
3,883
GST/HST and value added tax receivable
653
2,607
Accounts receivable and other assets
$ 20,585
$ 17,040
2. Basis of Consolidation and Summary of Significant Accounting Policies (Continued)
w) New Accounting Standards (Continued)
