Basis of preparation
The financial statements presented in the Consolidated financial statements and Notes to consolidated financial statements PDFs have been prepared in accordance with IFRS.The standards and interpretations adopted in the year are described in note 1 in the Notes to the consolidated financial statements PDF. The accounting policies have been consistently applied to all years presented. As explained in the Financial Review page, the Kazakhmys Power Division and MKM have been classified as being held for sale at 31 December 2009. The MKM and Kazakhmys Power operations represent separate major business lines of the Group. As a result, these operations have been treated as discontinued operations at 31 December 2009. A single amount is shown on the face of the consolidated income statement comprising the post-tax result of discontinued operations and the post-tax loss recognised on the re-measurement to fair value less costs to sell of the discontinued operations. Accordingly, the income and expenses of both MKM and Kazakhmys Power are reported separately from the continuing operations of the Group. The consolidated income statement for the prior year has been restated to conform to this presentation. The assets and liabilities of these divisions are also separately shown within the consolidated balance sheet as single line items within current assets and current liabilities. The consolidated balance sheet for the prior year has not been restated. The consolidated cash flow statement includes the cashflows of continuing and discontinued operations for both the current and prior years.
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