The principal accounting policies applied in the preparation of the consolidated financial statements, from which the summarised consolidated financial statements were derived, are in terms of IFRS. The following new standards, amendments to standards and interpretations have been adopted by the Group as from 1 July 2013:

• IAS 27 Separate Financial Statements (revised), IAS 28 Investment in Associates and Joint Ventures (revised), IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of interest in other entities were issued dealing with consolidation, joint arrangements, associates and disclosure. IFRS 10, IFRS 11 and IFRS 12 were subsequently amended to clarify certain transitional guidance on the first-time application of these standards. The Group has adopted these standards, including the subsequent amendments during the year. The main impact is that Implats now equity accounts for its investment in the joint venture, Mimosa, which was previously proportionately consolidated (note 5). The accounting policy was applied retrospectively. The application of IFRS 12 results in more extensive disclosure in the consolidated financial statements.
• IAS 36 Impairment of Assets (effective 1 January 2014). The amendment requires additional disclosure on the recoverable amount of non-financial assets when an impairment loss was recognised. The amendment resulted in additional disclosure in the consolidated financial statements.
• IAS 39 Financial Instruments: Recognition and Measurement (effective 1 January 2014). This amendment, regarding novation of derivatives, allows for the continuation of hedge accounting. The amendment has no impact on the results of the Group.
• IFRIC 21 Levies (effective 1 January 2014). The new interpretation addresses concerns on how to account for levies based on financial data of a different period from that in which the activity resulting in the payment of the levy occurs. The new interpretation has no impact on the results of the Group.