NOTE 01
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Reporting entity
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 2014 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 2014 was authorised for issue in
accordance with a resolution of the Directors on
28 August 2014.
(b) Basis of accounting
This general purpose financial statements have
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 consolidated financial statements of
the Group also comply with International
Financial Reporting Standards (IFRS) as issued
by the International Accounting Standards
Board (IASB).
The financial statements are prepared on a
historical cost basis except for certain classes of
plant and equipment, held for sale assets, the
defined benefit fund plan liability and derivatives
which are measured at fair value.
(c) Functional and
presentational currency
The financial statements are 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.
(d) New and amended standards
adopted by the group
The group has applied the following standards and
amendments for first time in their annual reporting
period commencing 1 July 2013:
•
•
AASB 10 Consolidated Financial Statements,
AASB 11 Joint Arrangements, AASB 12 Disclosure
of Interests in Other Entities, AASB 128
Investments in Associates and Joint Ventures,
AASB 127 Separate Financial Statements
and AASB 2011-7 Amendments to Australian
Accounting Standards arising from the
Consolidation and Joint Arrangements Standards
•
•
AASB 2012-10 Amendments to Australian
Accounting Standards - Transition Guidance and
other Amendments which provides an exemption
from the requirement to disclose the impact of the
change in accounting policy on the current period
•
•
AASB 13 Fair Value Measurement and AASB
2011-8 Amendments to Australian Accounting
Standards arising from AASB 13
•
•
AASB 119 Employee Benefits (September 2011) and
AASB 2011-10Amendments toAustralianAccounting
Standards arising fromAASB 119 (September 2011)
•
•
AASB 2012-5 Amendments to Australian
Accounting Standards arising from Annual
Improvements 2009-2011 Cycle and
•
•
AASB 2012-2 Amendments to Australian
Accounting Standards - Disclosures - Offsetting
Financial Assets and Financial Liabilities
The adoption of AASB 13 and AASB 119 resulted in
changes in accounting policies and adjustments to the
amounts recognised in the financial statements. These
are explained and summarised in note 2 below.
(e) New accounting standards
and interpretations
Certain new accounting standards and interpretations
have been published that are not mandatory for 30
June 2014 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.
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