GRR 2.27% 21.5¢ grange resources limited.

Provisional pricing is common in mining. Control of the product...

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    Provisional pricing is common in mining. Control of the product is passed at a point in time that is different to when the price is struck. AASB15 would have you recognise the revenue and receivable at the time control passes. However there would be an embedded derivative in the receivable (ie change in price on which finally payable when ship arrives where it is going, set period later etc). The receivable under AASB 9 doesn't meet the simple principle and interest rules. Thus the receivable is marked to market. Thus the revenue originally booked gets adjusted in a later period as the final price is known. The original receivable/revenue should be booked using an estimate of the forward price based on future date. This is very common in nickel and copper and other base metals where third parties treat product and sell so the miner and not toll treater bear the market price exposure.

    Last edited by Madtrader: Saturday, 08:34
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