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 at 11 Sir Donald Bradman Drive,
Keswick Terminal, South Australia. The
consolidated financial statements of the
Company as at and for the year ended
30 June 2015 comprise the Company
and its subsidiaries together referred
to as the “Group”. The Group is a
Government Business Enterprise (GBE)
and the ultimate controlling entity is the
Commonwealth Government.
The financial report of ARTC for the year
ended 30 June 2015 was authorised for
issue in accordance with a resolution of
the Directors on 27 August 2015.
(b) Basis of accounting
These 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).
Where necessary, comparative figures
have been adjusted to conform to
changes in the presentation of the
Financial Statements in the current year.
The financial statements are prepared on
a historical cost basis except for certain
classes of plant and equipment and held
for sale assets 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 the first time in their annual
reporting period commencing 1 July 2014:
•
•
AASB 2013-3 Amendments to AASB 136
- Recoverable Amount Disclosures for
Non-Financial Assets
•
•
Interpretation 21 - Accounting for Levies
•
•
AASB 2014-1 Amendments to Australian
Accounting Standards
The adoption of these standards and
interpretations did not have any impact on the
current period or any prior period and is not
likely to affect future periods.
(e) New accounting standards
and interpretations
Certain new accounting standards and
interpretations have been published that are
not mandatory for 30 June 2015 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 9 (December 2014), replaces
the existing guidance in AASB 139
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