2009-10 Annual Report - Australia Post

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notes to And ForminG PArt oF the FinAnCiAl rePort for the year ended 30 June 2010 1 Summary of significant accounting policies (a) Basis of preparation the financial report is a general-purpose financial report, which has been prepared in accordance with: • Finance Minister’s orders (being the commonwealth authorities and companies (Financial statement) orders) for reporting periods ending on or after 1 July 2009; • australian accounting standards and interpretations issued by the australian accounting standards Board. the financial report has been prepared on a historical cost basis, except for investment properties and derivative financial instruments, which have been measured at fair value. the carrying values of recognised assets and liabilities that are hedged items in fair value hedges, and are otherwise carried at cost, are adjusted to record changes in the fair values attributable to the risks that are being hedged. the financial report is presented in australian dollars and all values are rounded to the nearest one hundred thousand dollars ($0.1 million) unless otherwise stated. (b) statement of compliance the australian postal corporation (the corporation) is incorporated under the provisions of the Australian Postal Corporation Act 1989 as amended. Financial statements are required by clause 1 (b) of schedule 1 to the Commonwealth Authorities and Companies Act 1997. the financial report complies with australian accounting standards as issued by the australian accounting standards Board and international Financial reporting standards (iFrs) as issued by the international accounting standards Board. australian accounting standards and interpretations that have recently been issued or amended but are not yet effective, have not been adopted for the annual reporting period ending 30 June 2010. these standards are as follows: reference title nature of change to accounting policy aasB 2009-5 Further amendments to australian accounting standards arising from the annual improvements project [aasBs 5, 8, 101, 107, 117, 118, 136 and 139] aasB 2009-8 amendments to australian accounting standards – Group cash-settled share-based payment transactions [aasB 2] aasB 2009-9 amendments to australian accounting standards – additional exemptions for First-time adopters [aasB 1] aasB 2009–10 amendments to australian accounting standards – classifications of rights issues [aasB 132] aasB 2009-11 amendments to australian accounting standard arising from aasB 9 [aasBs 1, 3, 4, 5, 7, 101, 102, 108, 112, 118, 121, 127, 128, 131, 132, 136, 139, 1023, 1038, interpretations 10 and 12] aasB 2009-12 amendments to australian accounting standards [aasBs 5, 8, 108, 110, 112, 119, 133, 137, 139, 1023, 1031, interpretation 2, 4, 16, 1039 and 1052] aasB 2009-13 amendments to australian accounting standards arising from interpretation 19 [aasB 1] aasB 2009-14 amendments to australian interpretations – prepayments of a Minimum Funding requirement [interpretation 14] aasB 2010-1 amendments to australian accounting standards – limited exemption from comparative aasB 7 disclosures for First-time adopters [aasBs 1 and 7] 48 AustrAliA Post AnnuAl rePort 2009–10 | Financial and statutory reports these amendments are not expected to have any impact on the group’s financial report. these amendments are not expected to have any impact on the group’s financial report. these amendments are not expected to have any impact on the group’s financial report. these amendments are not expected to have any impact on the group’s financial report. these amendments are not expected to have any material impact on the group’s financial report. these amendments are not expected to have any impact on the group’s financial report. these amendments are not expected to have any impact on the group’s financial report. these amendments are not expected to have any impact on the group’s financial report. these amendments are not expected to have any impact on the group’s financial report. Application date of standard Application date for group 1 January 2010 1 July 2010 1 January 2010 1 July 2010 1 January 2010 1 July 2010 1 February 2010 1 July 2010 1 January 2013 1 July 2013 1 January 2011 1 July 2011 1 July 2010 1 July 2010 1 January 2011 1 July 2011 1 July 2010 1 July 2010
eference title nature of change to accounting policy aasB 9 Financial instruments (replacing aasB 139) aasB 9 aims to simplify the approach for classification and measurement of financial assets. there are only two categories of financial assets instead of four, being amortised cost and fair value through profit or loss (or through other comprehensive income for equity instruments). this eliminates tainting and most of the impairment issues associated with the four categories in aasB 139. these amendments are not expected to have any material impact on the group’s financial report. aasB 124 related party disclosures (revised december 2009) interpretation 19 extinguishing Financial liabilities with equity instruments (c) Basis of consolidation the consolidated financial statements comprise the financial statements of the corporation and its subsidiaries (the group) as at and for the period ended 30 June each year. interests in jointly controlled entities are equity accounted and are not part of the consolidated group. subsidiaries are all those entities over which the group has the power to govern the financial and operating policies so as to obtain benefits from their activities. the existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether a group controls another entity. the financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. in preparing the consolidated financial statements, all intercompany balances and transactions, income and expenses and profit and losses resulting from intra-group transactions have been eliminated in full. subsidiaries are fully consolidated from the date on which control is obtained by the group and cease to be consolidated from the date on which control is transferred out of the group. investments in subsidiaries held by the corporation are accounted for at cost in the separate financial statements of the parent entity less any impairment charges. dividends received from subsidiaries are recorded as a component of other revenues in the separate statement of comprehensive income of the parent entity and do not affect the recorded cost of the investment. receipt of dividend payments from subsidiaries is one of the factors considered by the parent entity when assessing whether any indicators of impairment of the carrying value of the investment in the subsidiary exist. Where such indicators exist, to the extent that the carrying value of the investment exceeds its recoverable amount, an impairment loss is recognised. these amendments simplify the related party definition. the definition now identifies a subsidiary and an associate with the same investor as related parties of each other. these amendments are not expected to have any material impact on the group’s financial report. the interpretation is unlikely to have any impact on the group’s financial report. Application date of standard Application date for group 1 January 2013 1 July 2013 1 January 2011 1 July 2011 1 July 2010 1 July 2010 the acquisition of subsidiaries is accounted for using the acquisition method of accounting. the acquisition method of accounting involves recognising at acquisition date, separately from goodwill, the identifiable assets acquired, the liabilities assumed and any non-controlling interest in the acquiree. the identifiable assets acquired and the liabilities assumed are measured at their acquisition date fair values. the difference between the above items and the fair value of the consideration (including the fair value of any pre-existing investment in the acquiree and any contingent consideration) is goodwill or a discount on acquisition. a change in ownership interest of a subsidiary that does not result in a loss of control is accounted for as an equity transaction. non-controlling interests are allocated their share of net profit after tax in the statement of comprehensive income and are presented within equity in the consolidated balance sheet, separately from parent shareholders’ equity. losses are attributed to the non-controlling interest, even if that results in a deficit balance. (d) significant accounting judgements, estimates and assumptions (i) significant accounting estimates and assumptions the preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, contingent assets, revenue and expenses. Management bases its judgements and estimates on historical experience and on other various factors it believes to be reasonable under the circumstances, the result of which forms the basis of the carrying values of assets and liabilities that are not readily apparent from other sources. AustrAliA Post AnnuAl rePort 2009–10 | Financial and statutory reports 49
Page 1: gETTing fuTuRE REAdY AuSTRAliA PoST
Page 4 and 5: AUSTRALIA POST HAS ALWAYS BEEN IN T
Page 6 and 7: OUR BUSINESS OUR CAPABILITIES AND B
Page 8 and 9: OUR BUSINESS THE YEAR IN REVIEW 6 A
Page 10 and 11: OUR BUSINESS CHAIRMAN’S REPORT Da
Page 12 and 13: OUR BUSINESS FINANCIAL REPORT Perfo
Page 14 and 15: our Business Key Business results O
Page 16 and 17: CORE BUSINESSES In 2009-10, our 4,4
Page 18 and 19: CORE BUSINESSES LETTERS & ASSOCIATE
Page 20 and 21: CORE BUSINESSES AGENCY SERVICES & R
Page 22 and 23: core Businesses aGenCY seRViCes & R
Page 24 and 25: CORE BUSINESSES PARCELS & LOGISTICS
Page 30 and 31: CORPORATE RESPONSIBILITY Some key r
Page 32 and 33: CorPorAte governAnCe General austra
Page 34 and 35: CorPorAte governAnCe incentive rewa
Page 36 and 37: BOARD OF DIRECTORS David A Mortimer
Page 38 and 39: FINANCIAL AND STATUTORY REPORTS 36
Page 40 and 41: FinAnCiAl And stAtutory rePorts for
Page 42 and 43: FinAnCiAl stAtements Audit rePort f
Page 44 and 45: stAtement oF ComPrehensive inCome f
Page 46 and 47: CAshFlow stAtement for the year end
Page 48 and 49: sChedule oF Commitments as at 30 Ju
Page 52 and 53: notes to And ForminG PArt oF the Fi
Page 100 and 101:
Community serviCe oBliGAtions for t
Page 102 and 103:
Auditor-GenerAl’s rePort - PerFor
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domestiC letter serviCe monitor (co
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survey CertiFiCAtion (continued) fo
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stAtutory rePortinG reQuirements in
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stAtutory rePortinG reQuirements in
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stAtutory rePortinG reQuirements (c
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stAtutory rePortinG reQuirements (c
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AustrAliA Post - the stAtistiCs (co
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index (CONTINUED) courier services;
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index (continued) r raw materials 5
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ABout tHis AnnuAl rePort editor/pro
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STAmP gAllERY 2009-10 Kokoda 20 Apr
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AuSTRAliA PoST AnnuAl REPoRT 2009-1
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2009-10 Annual Report - Australia Post

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