Page 96 - Sundance Resources 2014 Annual Report

94 SUNDANCE RESOURCES LIMITED ANNUAL REPORT 2014
NOTE 23. PARENT ENTITY FINANCIAL INFORMATION
2014
$
2013
$
Financial Position (as at 30 June)
Current assets 14,449,504 20,141,382
Non-current assets 339,527,540 303,960,300
Total assets 353,977,044 324,101,683
Current liabilities 6,583,347 7,427,056
Non-current liabilities 33,097,289 -
Total liabilities 39,680,636 7,427,056
Net assets 314,296,408 316,674,627
Shareholders’ equity
Issued Capital 409,071,476 408,971,476
Share based payments premium reserve 23,721,197 21,671,649
Transactions with non-controlling interests reserve 1,540,000 (11,060,000)
Accumulated losses (120,036,264) (102,908,498)
Total equity 314,296,408 316,674,627
Financial Performance (for the year ended 30 June)
Loss for the year (17,127,766) (9,161,232)
Total comprehensive income (17,127,766) (9,161,232)
NOTE 24. SIGNIFICANT ACCOUNTING POLICIES
Basis of Preparation of Accounts
The financial report has been prepared on an accruals basis and is based on historical cost, except for the revaluation of
certain financial instruments that are measured at fair values as explained in the accounting policies. Costs are based on
the fair values of the consideration given in exchange for assets. All amounts are presented in Australian dollars, unless
otherwise stated.
Critical accounting judgements and the key sources of estimation uncertainty
In the application of the Group’s accounting policies, management is required to make judgements, estimates and
assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates
and associated assumptions are based on historical experience and other factors that are considered to be relevant. 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 both
current and future periods. Refer to Note 24(k) for further details.
NOTES TO THE
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2014