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New Standards and Interpretations Adopted in the Current Year (Tables) | 12 Months Ended
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Dec. 31, 2018
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [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$m
Equity attributable to owners of Rio Tinto as at 31 December 2017 | 44,711
IFRS 9 Impairment provision resulting from application of the Expected Credit Loss (ECL) model and revaluations | (5)
IFRS 15 De-recognition of receivable arising from “uplift” transaction (see page 222) | (164)
Restated equity attributable to owners of Rio Tinto as at 1 January 2018 | 44,542
Financial assets have been classified into the appropriate IFRS 9 categories below. Refer to note 1 for the Group’s revised financial asset classification and measurement policies.
IFRS 9 classification at 1 January 2018 |  | Held at FVPL | Held at FVOCI (designated) | Held at amortised cost
IAS 39 classification at 1 January 2018 | Total | Held for trading | Available-for-sale | Loans & receivable, Held-to-maturity
| US$m | US$m | US$m | US$m
Opening balance – IAS 39 | 15,288 | 1,482 | 136 | 13,670
Cash and cash equivalents (a) (b) Reclassification of money market funds from amortised cost to FVPL | - | 7,813 | - | (7,813)
Trade and other receivables (b) (c) Reclassification of trade and other receivables from amortised cost to FVPL | - | 1,316 | - | (1,316)
Investments in equity shares and funds (d) Reclassification of investments from available-for-sale to FVPL | - | 90 | (90) | -
Other investment including loans Reclassification of a financial asset from held-to-maturity to FVPL | - | 6 | - | (6)
Opening balance – IFRS 9 (excluding expected credit losses and revaluation of funds) | 15,288 | 10,707 | 46 | 4,535
Impairment provision resulting from the application of the ECL model | (7) |  |  |
Revaluation of funds | 1 |  |  |
Opening balance – IFRS 9 (including expected credit losses and revaluation of funds) | 15,282 |  |  |
Schedule of impact of transition to IFRS 9 on the Group’s opening retained earnings | The impact of transition to IFRS 9 on the Group’s opening retained earnings as at 1 January 2018 is as follows:
| US$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 retained earnings and reserves |
| B | 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 (e) | (20) | 8 | - | - | 12
Impact of costs of hedging adjustment (f) | - | - | 26 | (4) | (22)
Impairment provisions (g) | - | - | - | - | (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
(e) | The Group has elected to classify certain equity investments as fair value through OCI.
(f) | The costs of hedging adjustment is explained in C below.
(g) | The impairment provision is explained in D below.

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- Definition The disclosure of the initial application of an IFRS. [Refer: IFRSs [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 8 -IssueDate 2017-01-01 -Paragraph 28 -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=8&date=2017-03-01&anchor=para_28&doctype=Standard -URIDate 2017-03-09 + Details
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- Definition The disclosure of qualitative information to enable users of financial statements to understand: (a) how the entity applied the classification requirements in IFRS 9 to those financial assets whose classification has changed as a result of applying IFRS 9; and (b) the reasons for any designation or de-designation of financial assets or financial liabilities as measured at fair value through profit or loss at the date of initial application. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Note Effective 2018-01-01 -Name IFRS -Number 7 -IssueDate 2017-01-01 -Paragraph 42J -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=7&date=2017-03-01&anchor=para_42J&doctype=Standard -URIDate 2017-03-09 + Details
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- Definition Disclosure of retained earnings and reserves impact of new standards or interpretations. + References No definition available. + Details
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