Broome Port Authority - Parliament of Western Australia

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Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected. In particular, information about significant areas of estimation, uncertainty and critical judgments in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements are: (i) discount rates used in estimating provisions; (ii) estimating useful life and residual values of key assets; and (iii) long service leave – retention rates and discount rates. Page 42 of 79
2. Summary of significant accounting policies The accounting policies set out below have been applied consistently to all periods presented in these financial statements unless otherwise stated. Certain comparative amounts have been reclassified to conform with the current year’s presentation [see note 1(b)]. a) Revenue recognition Revenue is measured at the fair value of consideration received or receivable. Revenue is recognised for the major business activities as follows: (i) Rendering of services Revenue from services rendered is recognised in profit or loss in proportion to the stage of completion of the transaction at the reporting date. Where the contract outcome cannot be measured reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable. (ii) Interest Interest revenue is recognised as it accrues using the effective interest method [see note 2(b)]. (iii) Rental income Rental income is recognised in the income statement on a straight-line basis over the term of the lease. Lease incentives granted are recognised as an integral part of the total rental income. b) Finance income and expenses Finance income comprises interest income on funds invested and interest receivable from debtors. Interest income is recognised as it accrues in profit or loss using the effective interest method. Finance expenses comprise interest expense on borrowing and finance charges payable under finance leases. All borrowing costs are recognised in profit or loss using the effective interest method. The interest expense component of finance lease payments is also recognised in the income statement using the effective interest rate method. In determining the amount of borrowing costs to be capitalised during the financial year, investment revenue earned directly relating to borrowings, is deducted from the borrowing costs incurred. Income tax expense comprises current and deferred tax. Income tax expense is recognised in profit or loss except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted at the reporting date and any adjustment to tax payable in respect of previous years. Deferred tax is recognised using the balance sheet method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit/loss. Page 43 of 79
Page 1 and 2: BROOME PORT AUTHORITY 2011 ANNUAL R
Page 3 and 4: CONTENTS TABLES Table 1 - Agency Pe
Page 5 and 6: 2. CHAIRMAN’S REPORT Figure 2 - C
Page 7 and 8: 3. CEO’S REPORT Figure 3 - CEO Ca
Page 9 and 10: 4. AGENCY OVERVIEW 4.1. Agency Perf
Page 11 and 12: The State Records Act 2000 BrPA has
Page 13 and 14: • Salary Packaging Policy • IT
Page 15 and 16: 4.5. Organisational Structure MINIS
Page 17 and 18: 5. OPERATIONAL OVERVIEW 5.1. Operat
Page 19 and 20: 25.0 20.0 Hours 15.0 10.0 5.0 0.0 V
Page 21 and 22: 250,000 Tonnes 200,000 150,000 100,
Page 23 and 24: 5.3. Safety Review Commitment to Oc
Page 25 and 26: acceptable level of risk. BrPA has
Page 27 and 28: Dr Ian Burston AM - (retired) Chair
Page 29 and 30: 6.5. Planned Achievements Planned A
Page 31 and 32: 6.6. Dividends A dividend of $775,4
Page 33 and 34: 6.9. Strategy and Future Performanc
Page 35 and 36: Table 9 - Executive Emoluments 2010
Page 37 and 38: 8. STATEMENT OF FINANCIAL POSITION
Page 39 and 40: 10. STATEMENT OF CASH FLOW FOR THE
Page 41: 1. Basis of preparation a) Statemen
Page 45 and 46: f) Property, plant and equipment (i
Page 47 and 48: All impairment losses are recognise
Page 49 and 50: The Authority makes concurrent cont
Page 51 and 52: 3. Expenses by nature Operating exp
Page 53 and 54: 9. Other expenses 2011 2010 $'000 $
Page 55 and 56: 12. Cash & cash equivalents 2011 20
Page 57 and 58: Associated infrastructure At cost 2
Page 59 and 60: Furniture & Fittings Carrying amoun
Page 61 and 62: 15. Intangible Assets 2011 2010 $
Page 63 and 64: 2010 Fixed interest rate 1 year or
Page 65 and 66: 2011 $’000 Annual leave provision
Page 67 and 68: Correction of Prior Period Errors (
Page 69 and 70: 22. Financial instruments (i) Finan
Page 71 and 72: 2010 Financial Assets & Liabilities
Page 73 and 74: Net Maturity (12,966) 5,122 (369) (
Page 75 and 76: The present value of finance leases
Page 77 and 78: Directors’ declaration In the opi
Page 79: Page 79 of 79

Broome Port Authority - Parliament of Western Australia

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