60 / 116
NOTE 03
FUNCTIONAL AND
PRESENTATION CURRENCY
NOTE 04
SIGNIFICANT ACCOUNTING
ESTIMATES AND JUDGEMENTS
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 2016 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 2016 was authorised for
issue in accordance with a resolution of the
Directors on 25 August 2016.
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.
The financial statements have been prepared
on a going concern basis. See note 21(x).
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 Corporations (Rounding
in Financial/Directors’ Reports) Instrument
2016/191. The Group is an entity to which the
Instrument applies.
Critical accounting estimates and
assumptions
The Group makes estimates and assumptions
concerning the future. The resulting
accounting estimates will, by definition, seldom
equal the related actual results. The estimates
and assumptions that may have a significant
risk of causing a material adjustment to the
carrying amounts of assets and liabilities or
may involve a higher degree of judgement or
complexity within the next financial year are
set out below.
(i) Defined benefit plan
Various actuarial assumptions are required
when determining the Group’s defined benefit
obligations. See note 8(f) and 21(v).
(ii) Timing of project completion
The Group continues a capital investment
program, with the continued delivery being
reliant on industry demand, the availability
of requisite material, project resources and
applicable regulatory approvals.
NOTE 01
REPORTING ENTITY
NOTE 02
BASIS OF ACCOUNTING
58