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Basis of Preparation (Tables) | 6 Months Ended
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Jun. 30, 2018
Basis Of Presentation [Abstract] |
Schedule of impact on Equity attributable to owners of Rio Tinto on the adoption of IFRS 9 and IFRS 15 | The impact on Equity attributable to owners of Rio Tinto as at 1 January 2018 of the adoption of IFRS 9 and IFRS 15 is as follows;
| US $m
Equity attributable to owners of Rio Tinto as at 31 December 2017 | 44,711
IFRS 9 Impairment provision resulting from application of the Expected Credit Loss (‘ECL’) model and revaluations | (5)
IFRS 15 De-recognition of receivable arising from uplift transaction (see page F-20) | (164)
Restated equity attributable to owners of Rio Tinto as at 1 January 2018 | 44,542
Financial assets have been classified into the appropriate IFRS 9 categories below. Refer to pages F-13 and F-14 for the Groups revised financial asset classification and measurement policies.
IFRS 9 classification at 1 January 2018 |  | Held at FVPL | Held at FVOCI (designated) | Held at Amortised Cost
IAS 39 classification at 1 January 2018 | Total | Held for trading | Available for sale | Loans & receivable, Held to maturity
| US$m | US$m | US$m | US$m
Opening Balance – IAS 39 | 15,288 | 1,482 | 136 | 13,670
Cash and cash equivalents(i)(iv) Reclassification of money market funds from amortised cost to FVPL | - | 7,813 | - | (7,813)
Trade and other receivables(ii)(iv) Reclassification of trade and other receivables from amortised cost to FVPL | - | 1,316 | - | (1,316)
Investments in equity shares and funds(iii) Reclassification of investments from available for sale to FVPL | - | 90 | (90) | -
Other investment including loans Reclassification of a financial asset from held to maturity to FVPL | - | 6 | - | (6)
Opening balance - IFRS 9 (excluding expected credit losses and revaluation of funds) | 15,288 | 10,707 | 46 | 4,535
Impairment provision resulting from the application of the ECL model | (7) |  |  |
Revaluation of funds | 1 |  |  |
Opening balance - IFRS 9 (including expected credit losses and revaluation of funds) | 15,282 |  |  |
Schedule of impact of transition to IFRS 9 on the Group’s opening retained earnings | The impact of transition to IFRS 9 on the Group’s opening retained earnings as at 1 January 2018 is as follows;
| US$m
Closing retained earnings 31 December 2017 | 23,761
Costs of hedging adjustment | (22)
Reclassification of equity investments from available for sale to FVPL | 12
Impairment provision resulting from the application of the ECL model | (7)
Tax impact | 1
Revaluation of funds | 1
Adjustment to retained earnings from adoption of IFRS 9 on 1 January 2018 (sub-total) | (15)
Opening retained earnings 1 January 2018 – IFRS 9 (before restatement for IFRS 15) | 23,746
Summary of classification and measurement of financial assets | The table below shows the classification and measurement of financial assets at 30 June 2018. This disclosure is only required for full year reporting on an ongoing basis but is provided in the 2018 interim accounts to support the transition disclosure:
| Total | Held at FVPL | Held at FVOCI (designated) | Held at Amortised Cost
Financial assets | US$m | US$m | US$m | US$m
Cash and cash equivalents | 5,989 | 3,130 | - | 2,859
Trade and other receivables(a) | 2,713 | 765 | - | 1,948
Investments in equity shares and funds | 141 | 81 | 60 | -
Other investments, including loans | 2,187 | 2,172 | - | 15
Forward contracts designated as hedges | 24 | 24 | - | -
Forward contracts and option contracts not designated as hedges | 281 | 281 | - | -
Derivatives related to net debt | 63 | 63 | - | -
Loans to equity accounted units including quasi equity loans | 179 | - | - | 179
| 11,577 | 6,516 | 60 | 5,001
(a) | Trade and other receivables exclude non-financial assets such as pension surpluses, prepayment of tolling charges to joint operations and other prepayments within other receivables and will therefore differ to the amounts shown in the balance sheet.
Summary of retained earnings and reserves |
| a) | Retained earnings and reserves
| Effect on Available for sale ('AfS') reserve | Effect on FVOCI reserve | Costs of hedging reserve | Cash flow hedge reserve | Effect on retained earnings
| US$m | US$m | US$m | US$m | US$m
Closing balance - 31 December 2017 | 20 | - | - | 32 | 23,761
Reclassification of equity investments from AfS(v) | (20) | 8 | - | - | 12
Impact of costs of hedging adjustment(vi) | - | - | 26 | (4) | (22)
Impairment provisions(vii) | - | - | - | - | (7)
Tax Impact | - | - | - | - | 1
Re-measurement of funds | - | - | - | - | 1
Total Impact | (20) | 8 | 26 | (4) | (15)
Opening balance – 1 January 2018 | - | 8 | 26 | 28 | 23,746
(v) | The Group has elected to classify certain equity investments as fair value through OCI.
(vi) | The costs of hedging adjustment is explained in (c) below.
(vii) The impairment provision is explained in (d) below.

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