ANNUAL REPORT 2004–05 - V/Line

TABLE OF CONTENTS NOTES TO THE FINANCIAL STATEMENTSNote 1 Summary of significant accounting policies 48Note 2 Revenues 52Note 3 Expenses and losses from ordinary activities 52Note 4 Income Tax 53Note 5 Cash assets 53Note 6 Receivables 54Note 7 Inventories 54Note 8 Other assets 54Note 9 Investments 54Note 10 Property, plant and equipment 55Note 11 Payables 57Note 12 Provisions 57Note 13 Equity and movements in equity 57Note 14 Financial instruments 58Note 15 Controlled Entities 60Note 16 Minister and accountable officers 60Note 17 Remuneration of executives 61Note 18 Remuneration of directors 62Note 19 Remuneration of auditors 62Note 20 Disclosures - directors 62Note 21 Related party disclosures 63Note 22 Contingent liabilities and contingent assets 64Note 23 Commitments for expenditure 64Note 24 Employee benefits and superannuation commitments 65Note 25 Events occurring after reporting date 65Note 26 Segment information 65Note 27Reconciliation of result from ordinary activities to net cashinflow from operating activities 66Note 28 Economic dependency 66Note 29 Dividends 66Note 30 Adoption of International Financial Reporting Standards 67V/LINE ANNUAL REPORT 2004-05|47