NOTE 01
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies adopted in
the preparation of these consolidated financial
statements are set out below. These policies
have been consistently applied to all the years
presented, unless otherwise stated. The financial
statements are for the consolidated entity
consisting of Australian Rail Track Corporation Ltd
and its subsidiaries.
Australian Rail Track Corporation (the parent)
is a company limited by shares incorporated in
Australia located off Sir Donald Bradman Drive,
Passenger Rail Terminal Rd, Mile End, South
Australia. The consolidated financial statements
of the Company as at and for the year ended
30 June 2013 comprise the Company and its
subsidiaries together referred to as the “Group”.
The ultimate controlling entity of the Group is the
Commonwealth Government.
The financial report of ARTC for the year ended 30 June
2013 was authorised for issue in accordance with a
resolution of the Directors on 29 August 2013.
(a) Basis of preparation
This general purpose financial report has been
prepared in accordance with Australian Accounting
Standards, the requirements of the Corporations Act
2001 and other authoritative pronouncements of the
Australian Accounting Standards Board. Australian
Rail Track Corporation Ltd is a for profit entity for the
purpose of preparing the financial statements.
The financial report is presented in Australian dollars
and all values are rounded to the nearest thousand
dollars ($’000) unless otherwise stated under the
option available to the Group under ASIC Class order
98/100. The Group is an entity to which the class
order applies.
The financial report is prepared on a historical
cost basis except for certain classes of plant and
equipment, the defined benefit fund plan liability and
derivatives which are measured at fair value.
(i) Compliance with IFRS
The consolidated financial statements of the
Australian Rail Track Corporation Ltd Group also
comply with International Financial Reporting
Standards (IFRS) as issued by the International
Accounting Standards Board (IASB).
(ii) New and amended standards adopted
by the Group
The Group has adopted the following new and
amended Australian Accounting Standards and AASB
Interpretations as of 1 July 2012:
2011-9 Amendments to Australian Accounting
Standards - Presentation of Items of Other
Comprehensive Income (AASB 1,5,7,101,112,120,121,
132,133,134,1039 & 1049) (amendment).
The adoption of this amendment does not have any
material impact on the current period or any prior
period and is not likely to affect future periods.
(iii) Early adoption of standards
The Group has not elected to apply any
pronouncements to the annual reporting period
beginning 1 July 2012.
(iv) Significant accounting estimates
and judgements
The preparation of financial statements in conformity
with IFRS requires the use of certain critical accounting
estimates. It also requires management to exercise
its judgement in the process of applying the Group’s
accounting policies. The areas involving a higher
degree of judgement or complexity, or areas where
assumptions and estimates are significant to the
financial statements are disclosed in note 2.
(b) New accounting standards
and interpretations
Certain new accounting standards and interpretations
have been published that are not mandatory for 30
June 2013 reporting periods and have not been early
adopted by the Group. The Group’s assessment of the
impact of these new standards and interpretations
which may be relevant to the Group are set out below.
(i) AASB 9 Financial Instruments, AASB 2009-11
Amendments to Australian Accounting Standards
arising from AASB 9, AASB 2010-7 Amendments to
Australian Accounting Standards arising from AASB
9 (December 2010) and AASB 2012-6 Amendments
to Australian Accounting Standards - Mandatory
60
