Broome Port Authority - Parliament of Western Australia
Share Embed Flag
Download ePaper

Broome Port Authority - Parliament of Western Australia

Broome Port Authority - Parliament of Western Australia Broome Port Authority - Parliament of Western Australia

parliament.wa.gov.au
from parliament.wa.gov.au More from this publisher
15.05.2014 Views

11. FINANCE Contents Note 1 Basis of preparation Note 15 Intangible ass ets Summary of significant accounting Note 2 policies Note 16 Trade and other payables Note 3 Expenses by nature Note 17 Interest bearing borrowings Note 4 Revenue Note 18 Provisions Note 5 Port operations expense Note 19 Other liabilities Note 6 Depreciation and amortisation Note 20 Equity Note 7 General administration expense Note 21 Reco nciliation o f cash flows from operating activities Note 8 Finance costs Note 22 Financial instruments Note 9 Other expenses Note 23 Commitments Note 10 Income tax Note 24 Remuneration of Auditors Note 11 Dividends Note 25 Related Parties Note 12 Cash and cash equivalents Note 26 Contingent liabilities Note 13 Trade and other receivables Note 27 Events occurr ing after balance sheet date Note 14 Property, plant and equipment Page 40 of 79

1. Basis of preparation a) Statement of compliance The financial report is a general-purpose financial report which has been prepared in accordance with Australian equivalents to International Financial Reporting Standards (AIFRSs), other authoritative pronouncements of the Australian Accounting Standards Board and Urgent Issues Group Consensus Views and the Port Authorities Act 1999. The accounting policies adopted in the preparation of the financial statements have been consistently applied throughout all periods presented, unless otherwise stated. The financial statements were authorised for issue on 15 August, 2011 by the Board of Directors of Broome Port Authority (“the Authority”). b) Presentation of the statement of comprehensiv e income During the ye ar ended 30 June 2011 the Authority modified the statement of comprehensive income presentation of expenses using a classification based on the nature of expenses. Comparative amounts were reclassified for consistency. Classification of expenses by nature is considered to provide more relevant and reliable information than classifica tion by function due to the nature of the Authority’s operations. A ccording to AASB 101 Presentation of Financial Statements, expen ses classified by nature are not reallocated among various functions within the entity. However, t he Authority has allocated employee benefits expenses to various line items on the statement of comprehensive income including marine exp enses, port operations expenses, general administration, and asset maintenance. This allocation reflects the internal reporting structure of the Authority which allocates labour expenses to significant expense items in the income statement based on the nature of the expenses incurred. The Authority believes that the allocation is more relevant to the understanding of the financial performance of the Authority and does not result in a function of expense presentation. The directors have concluded that the financial statements present fairly the Authority’s financial position, financial performance and cash flows and that it has complied with applicable standards and interpretations, except that it has departed from AASB 101, p ara 99, to achieve a fair presentation. c) Basis of measurement The financial statements have been prepared on the accrual basis of accounting using the historical cost convention. d) Functional and presentation currency These financial statements are presented in Australian dollars and all values are rounded to the nearest thousand dollars ($’000) unless otherwise stated. e) Use of estimates and judgements The preparation of financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Page 41 of 79

11. FINANCE<br />

Contents<br />

Note 1 Basis <strong>of</strong> preparation Note 15 Intangible ass ets<br />

Summary <strong>of</strong> significant accounting<br />

Note 2 policies<br />

Note 16<br />

Trade and other payables<br />

Note 3 Expenses by nature Note 17 Interest bearing borrowings<br />

Note 4 Revenue Note 18 Provisions<br />

Note 5<br />

<strong>Port</strong> operations expense<br />

Note 19<br />

Other liabilities<br />

Note 6 Depreciation and amortisation Note 20 Equity<br />

Note 7 General administration expense Note 21<br />

Reco nciliation o f cash flows<br />

from operating activities<br />

Note 8 Finance costs Note 22 Financial instruments<br />

Note 9 Other expenses<br />

Note 23 Commitments<br />

Note 10 Income tax<br />

Note 24 Remuneration <strong>of</strong> Auditors<br />

Note 11 Dividends Note 25<br />

Related Parties<br />

Note 12 Cash and cash equivalents Note 26 Contingent liabilities<br />

Note 13 Trade and other receivables Note 27<br />

Events occurr ing after balance<br />

sheet date<br />

Note 14<br />

Property, plant and equipment<br />

Page 40 <strong>of</strong> 79

logo

products

Resources

Company

Terms of service
Privacy policy
Cookie policy
Cookie settings
Imprint
Change language
Made with love in Switzerland
© 2024 Yumpu.com all rights reserved

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!