Question: Refer to the 2009 year end financial statements and accompanying notes

Refer to the 2009 year-end financial statements and accompanying notes of Eastern Platinum Limited (Eastplats) that have been reproduced at the end of this volume and on the book companion site. In Eastplats’s notes, the company refers to accounting standards that have been retrospectively applied, standards that have been prospectively applied, and standards that have been issued but are not yet effective.
(a) Review note 25 from the financial statements that appear on the book companion site, and explain how the IFRS standards have been adopted and retrospectively applied. Indicate and explain the following:
1. On what date did the company adopt IFRS?
2. What exemptions to retrospective restatement were applied?

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