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(a) 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
2016:
•
•
AASB 2014-4 Amendments to Australian
Accounting Standards - Clarification of
Acceptable Methods of Depreciation and
Amortisation
•
•
AASB 2015-1 Amendments to Australian
Accounting Standards - Annual
improvements to Australian Accounting
Standards 2012 - 2014 cycle
•
•
AASB 2015-2 Amendments to Australian
Accounting Standards - Disclosure
initiative: Amendments to AASB 101
•
•
AASB 2015-3 Amendments to Australian
Accounting Standards arising from the
withdrawal of AASB 1031 Materiality.
This removes the guidance of materiality
from Australian Accounting Standards.
This is not expected to have an impact
on ARTC financial accounts
•
•
ASIC has replaced Class Orders with
Legislative Instruments. Apart from the
change of reference from a Class Order
(CO 98/100 Rounding in Financial Reports
and Directors’ Reports) to a Legislative
Instrument (ASIC Corporations Rounding
in Financial/Directors’ Reports Instrument
2016/191) there is no impact of the making
of the Rounding instrument. The Rounding
instrument continues with the same effect
and conditions of the class order on which
it is based: CO 98/100
The adoption of these standards and ASIC
Legislative Instruments did not have any
impact on the current period or any prior
period and is not likely to affect future periods.
(b) Contingencies of the
parent entity
The parent entity accounts for costs
associated with rectifying rail access
related incidents following their occurrence.
Income from subsequent insurance and other
recoveries is only recognised when there
is a contractual arrangement in place and
the income is probable of being received.
As a result, certain potential insurance and
or other recoveries have not been recognised
at year end, as their ultimate collection is not
considered probable.
(c) Contractual
commitments for the
acquisition of property,
plant or equipment
As at 30 June 2017, the parent entity had
contractual commitments for the acquisition
of property, plant or equipment totalling
$121.4m (2016: $85.5m). These commitments
are not recognised as liabilities as the relevant
assets have not yet been received.
Accounting policy
Parent entity financial information
The financial information for the Parent entity, Australian Rail Track Corporation Ltd, has been
prepared on the same basis as the consolidated financial statements.
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NOTE 19
PARENT ENTITY FINANCIAL INFORMATION (CONTINUED)
NOTE 20
OTHER ACCOUNTING POLICIES