Separate accounting policies
The principal accounting policies applied in the preparation of the separate financial statements are set out below. These policies have been consistently applied to all the years presented, except for the adoption of new and revised standards and interpretations.
Gold Fields Limited (the “Company” or “Gold Fields”) is a company domiciled in South Africa. The registration number of the Company is 1968/004880/06. The address of the Company is
150 Helen Road, Sandton, Johannesburg.
| 1. | BASIS OF PREPARATION |
The financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, as well as the requirements of the South African Companies Act. The separate financial statements have been prepared under the historical cost convention, as modified by available-for-sale financial assets, and financial assets and liabilities (including derivative instruments), which have been brought to account at fair value through profit or loss or through the fair value adjustment reserve in the statement of comprehensive income. The separate financial statements were authorised for issue by the Board of Directors on 20 March 2017. The Company applied the accounting policies included on pages 99 to 115, where the reference is made to the “Group” and “consolidated” in those accounting policies, it should be interpreted as also referring to the Company where the context requires. In addition to those accounting policies, the following accounting policies were applied by the Company: |
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| 2. | INVESTMENTS IN SUBSIDIARIES |
| Investment in subsidiaries are stated at cost less accumulated impairment losses. | |
| 3. | FOREIGN CURRENCIES |
| 3.1 | Functional and presentation currency |
| The Company’s functional and presentation currency is South African Rand and the separate financial statements are presented in South African Rand. | |
| 4. | FINANCIAL INSTRUMENTS |
| 4.1 | Non-derivative financial assets and liabilities |
| 4.1.1 | Financial guarantees |
| Financial guarantee contracts are accounted for as financial instruments and are recognised initially at fair value and are subsequently measured at the higher of the amount determined in accordance with IAS 37 Provisions, contingent liabilities and contingent assets, and the initial amount recognised less cumulative amortisation. |