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Commitments and contingencies are disclosed
net of the amount of GST recoverable from,
or payable to, the taxation authority.
(v) Defined benefit plan
ARTC is a member of the following
superannuation schemes: State Authorities
Superannuation Scheme (SASS), State
Authorities Non-Contributory Superannuation
Scheme (SANCS) and the State
Superannuation Scheme (SSS).
The schemes are all defined benefit schemes
where at least a component of the final
benefit is derived from a multiple of the
member’s salary and years of membership.
All schemes are closed to new members.
Actuarial gains and losses arising from
experience adjustments and changes in
actuarial assumptions are recognised in
the period in which they occur, in other
comprehensive income. Net interest expense
and other expenses related to defined benefit
plans are recognised in profit or loss.
The defined benefit asset or liability
recognised in the consolidated balance sheet
represents the present value of the defined
benefit obligation, less the fair value of the
plan assets. Any asset resulting from this
calculation is limited to the present value
of available refunds and reductions in
future contributions to the plan.
The corporate bond market rate as per the
G100 is utilised when discounting employee
benefit liabilities as of 30 June 2016.
(w) Contributed equity
Ordinary shares are classified as equity.
Incremental costs directly attributable to
the issue of new shares or options are shown
in equity as a deduction, net of tax, from
the proceeds.
(x) Going concern
The consolidated financial statements have
been prepared on a going concern basis, as
the Director’s consider that the Group will
be able to meet the mandatory repayment
terms of banking facilities 6(d) and other
amounts payable.
At 30 June 2016, the Group has a net
deficiency of current assets to current
liabilities of $53.0m (2015: $19.1m).
Notwithstanding this deficiency, the Directors
remain confident that the Group will be able
to meet its debts as and when they fall due.
The Directors are of the opinion that the
financial statements are appropriately
prepared on a going concern basis
having regard to the following:
As at 30 June 2016
•
•
The Group has net assets of $3,490m
(2015: $3,607m)
•
•
The Group generated cash from operating
activities of $445m (2015: $457m)
•
•
The Group expects to continue to
generate positive cash flows from
operating activities in the next twelve
months
•
•
The Group has $355m of unutilised funds
available through a Syndicated Debt
Facility Agreement (2015: $240m)
(as detailed in note 12(c))
•
•
The Group engages in active financial
risk management and an established
debit capital market programme which
are subject to ongoing governance at
Committee and Board level (as detailed
in note 12)
NOTE 21 (CONTINUED)
SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES
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