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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 2017 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 2017 was authorised for
issue in accordance with a resolution of
the Directors on 31 August 2017.
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
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.
Where applicable the significant accounting
policies are contained in the notes to the
financial statements to which they relate
and note 20 (Other accounting policies).
The financial statements have been prepared
on a going concern basis. See note 20(e).
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
individual 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.
Estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to
estimates are recognised prospectively.
NOTE 01
REPORTING ENTITY
NOTE 02
BASIS OF ACCOUNTING
NOTE 04
SIGNIFICANT ACCOUNTING
ESTIMATES AND JUDGEMENTS
NOTE 03
FUNCTIONAL AND
PRESENTATION CURRENCY
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