SYDNEY PORTS CORPORATION ANNUAL REPORT 12

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48 Sydney PortS CorPoration noteS to the FinanCiaL StateMentS note 2. SUmmary of SignifiCant aCCoUnting PoliCieS (ContinUed) referenCe title SUmmary AASB 119 Employee Benefits The main change introduced by this standard is to revise the accounting for defined benefit plans. The amendment removes the options for accounting for the liability, and requires that the liabilities arising from such plans is recognised in full with actuarial gains and losses being recognised in other comprehensive income. It also revised the method of calculating the return on plan assets. The definition of short-term benefits has been revised, meaning some annual leave entitlements may become long-term in nature with a revised measurement. Similarly the timing for recognising a provision for termination benefits has been revised, such that provisions can only be recognised when the offer cannot be withdrawn. AASB 1053 Application of Tiers of Australian Accounting Standards AASB 2010-2 Amendments to Australian Standards arising from Reduced Disclosure Requirements (AASB 1, 2, 3, 5, 7, 8, 101, 102, 107, 108, 110, 111, 112, 116, 117, 119, 121, 123, 124, 127, 128, 131, 133, 134, 136, 137, 138, 140, 141, 1050 & 1052 and Interpretations 2, 4, 5, 15, 17, 127, 129 & 1052) AASB 2010-7 Amendments to Australian Accounting Standards arising from AASB 9, December 2010. (AASB 1, 3, 4, 5, 7, 101, 102, 108, 112, 118, 120, 121, 127, 128, 131, 132, 136, 137, 139, 1023, and 1038 and Interpretations 2, 5, 10, 12, 19 and 127) AASB 2011-2 Amendments to Australian Accounting Standards arising from the Trans-Tasman Convergence Project – Reduced Disclosure Regime (AASB 101, AASB 1054) Sydney PortS CorPoration finanCial rePort 2011/12 This Standard establishes a differential financial reporting framework consisting of two Tiers of reporting requirements for preparing general purpose financial statements. Only applicable to Tier 2 entities. This standard makes amendments to many Australian Accounting Standards, reducing the disclosure requirements for Tier 2 entities (identified in accordance with AASB 1053) preparing general purpose financial statements. The requirements for classifying and measuring financial liabilities were added to AASB 9. The existing requirements for the classification of financial liabilities and the ability to use the fair value option have been retained. This standard makes amendments to the application of the revised disclosures to Tier 2 entities that are applying AASB 1053. aPPliCation date of Standard* aPPliCation date for CorPoration* 1 January 2013 1 July 2013 1 July 2013 1 July 2013 1 July 2013 1 July 2013 1 January 2013 1 July 2013 1 July 2013 1 July 2013
eferenCe title SUmmary AASB 2011-4 Amendments to Australian Accounting Standards to Remove Individual Key Management Personnel Disclosure Requirements (AASB 124) AASB 2011-8 Amendments to Australian Accounting Standards arising from AASB 13 (AASB 1, 2, 3, 4, 5, 7, 9, 2009-11, 2010-7, 101, 102, 108, 110, 116, 117, 118, 119, 120, 121, 128, 131, 132, 133, 134, 136, 138, 139, 140, 141, 1004, 1023 & 1038 and Interpretations 2, 4, 12, 13, 14, 17, 19, 131 & 132) AASB 2011-9 Amendments to Australian Accounting Standards – Presentation of Items of Other Comprehensive Income (AASB 1, 5, 7, 101, 112, 120, 121, 132, 133, 134, 1039 & 1049) AASB 2011-10 Amendments to Australian Accounting Standards arising from AASB 119 (September 2011) (AASB 1, AASB 8, AASB 101, AASB 124, AASB 134, AASB 1049 & AASB 2011-8 and Interpretation 14) AASB 2011-11 Amendments to AASB 119 (September 2011) arising from Reduced Disclosure Requirements AASB 2012-1 Amendments to Australian Accounting Standards – Fair Value Measurement – Reduced Disclosure Requirements (AASB 3, AASB 7, AASB 13, AASB 140 & AASB 141) AASB 2012-2 Amendments to Australian Accounting Standards – Disclosures – Offsetting Financial Assets and Financial Liabilities (AASB 7 & AASB 132) This amendment deletes from AASB 124 individual key management personnel disclosure requirements for disclosing entities that are not companies. This amendment essentially makes references to fair value and its measurement consistent across standards and interpretations and removes any detailed guidance on fair value from other standards to AASB 13. These amendments requires entities to group items presented in other comprehensive income on the basis of whether they might be reclassified subsequently to profit or loss and those that will not. These amendments make consequential amendments across standards and interpretation in response to changes made by AASB 119. This amendment makes amendments to AASB 119 to incorporate reduced disclosure requirements into the Standard for entities applying Tier 2 requirements in preparing general purpose financial statements. AASB 2012-1 establishes and amends reduced disclosure requirements for entities preparing general purpose financial statements under Australian Accounting Standards – Reduced disclosure requirements for additional and amended disclosures arising from AASB 13 and the consequential amendments implemented through AASB 2011-8. AASB 2012-2 principally amends AASB 7 Financial Instruments: Disclosures to require disclosure of information that will enable users of an entity’s financial statements to evaluate the effect or potential effect of netting arrangements, including rights of set-off associated with the entity’s recognised financial assets and recognised financial liabilities, on the entity’s financial position. aPPliCation date of Standard* aPPliCation date for CorPoration* 1 July 2013 1 July 2013 1 January 2013 1 July 2013 1 July 2012 1 July 2012 1 January 2013 1 July 2013 1 July 2013 1 July 2013 1 July 2013 1 July 2013 1 January 2013 1 July 2013 Sydney PortS CorPoration finanCial rePort 2011/12 49
Page 1 and 2: 18 17 16 15 14 13 SYDNEY PORTS CORP
Page 3 and 4: TABLE OF CONTENTS HIGHLIGHTS 2 OvER
Page 5 and 6: OvErvIEw SYDNEY PORTS mANAgES ThE C
Page 7 and 8: TrADE HIGHLIGHTS totaL Container tr
Page 9 and 10: imPort CommoditieS 2011/12 (teUs) f
Page 11 and 12: CHIEF EXECUTIvE OFFICEr’S rEPOrT
Page 13 and 14: Mr Yassine holds other non-executiv
Page 15 and 16: exeCutive generAl mAnAger, mArine s
Page 17 and 18: CUSTOMEr SErvICE CHArTEr FOllOwINg
Page 19 and 20: MArINE SErvICES mARINE SERvICES mAI
Page 21 and 22: SECUrITY wITh ITS AROuND-ThE-ClOCk
Page 23 and 24: POrT BOTANY LANDSIDE IMPrOvEMENT ST
Page 25 and 26: N 0 200 400 Metres 600 800 Mill Str
Page 27 and 28: INTErMODAL LOGISTICS CENTrE AT ENFI
Page 29 and 30: CrUISE IN DECEmBER 2011, SYDNEY wAS
Page 31 and 32: SUSTAINABILITY SYDNEY PORTS’ mAIN
Page 33 and 34: MAPS PORT BOTANY PORT FACILITIES AN
Page 35 and 36: Sydney HarboUr PreCinCtS and tenant
Page 37 and 38: CookS river raiL yardS A B maritime
Page 39 and 40: Port of eden Boydtown East Boyd Tow
Page 41: metroPoLitan road and raiL LinkS 50
Page 44 and 45: 42 BeGinninG oF audited FinanCiaL S
Page 46 and 47: 44 Sydney PortS CorPoration StateMe
Page 48 and 49: 46 Sydney PortS CorPoration noteS t
Page 88 and 89: Sydney PortS CorPoration indePenden
Page 90 and 91: 88 Sydney PortS CorPoration StateMe
Page 92 and 93: 90 Sydney PortS CorPoration Statuto
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98 Sydney PortS CorPoration Statuto
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100 Sydney PortS CorPoration Statut
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102 Sydney PortS CorPoration Statut
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104 Sydney PortS CorPoration iNDeX
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Corporate office and address L4, 20
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SYDNEY PORTS CORPORATION ANNUAL REPORT 12

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