Australia Post Annual Report 2008–09

Notes to and forming part of the Financial Report
for the year ended 30 June 2009
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 2008; and
• Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board.
The financial report has been prepared on an 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 (Cwlth) 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 2009. The standards are as follows.
Reference Title Nature of change
to accounting policy
AASB 2007-3 Amendments to Australian Accounting
Standards arising from AASB 8 [AASBs 5, 6,
102, 107, 199, 127, 134, 136, 1023 & 1038]
AASB 2007-6 Amendments to Australian Accounting
Standards arising from AASB 123 [AASBs 1,
101, 107, 111, 116, 138 and Interpretations 1 & 12]
AASB 2007-8 Amendments to Australian Accounting
Standards arising from AASB 101 [AASBs 1, 4,
5, 7, 8, 107, 108, 110, 111, 112, 114, 116, 119,
120, 121, 124, 127, 128, 129, 132, 133, 134,
136, 137, 138, 139, 140, 141, 1039 and
Interpretations 1, 7, 10, 107, 110, 113, 125
& 132]
AASB 2007-10 Further Amendments to Australian
Accounting Standards arising from AASB 101
[AASBs 1, 2, 3, 4, 5, 6, 7, 102, 107, 108, 110,
111, 112, 116, 119, 120, 121, 124, 127, 128,
129, 131, 133, 134, 136, 137, 138, 139, 140,
141, 1023, 1031, 1038 and Interpretations 7,
10, 107, 129, 1001, 1002, 1013, 1017, 1019,
1031, 1039, 1042, 1047, 1052 & 1055]
AASB 2008-2 Amendments to Australian Accounting
Standards – Puttable Financial Instruments
and Obligations arising on Liquidation
[AASBs 7, 101, 132, 139, and Interpretation 2]
AASB 2008-3 Amendments to Australian Accounting
Standards arising from AASB 3 and AASB 127
[AASBs 1, 2, 4, 5, 7, 101, 107, 112, 114, 116,
121, 128, 131, 132, 133, 134, 136, 137, 138,
139 and Interpretations 9 & 107]
AASB 2008-5 Amendments to Australian Accounting
Standards arising from the Annual Improvements
Project [AASBs 5, 7, 101, 102, 107, 108, 110,
116, 118, 119, 120, 123, 127, 128, 129, 131,
132, 134, 136, 138, 139, 140, 141, 1023 & 1038]
60
Australia Post Annual Report 2008–09 | Financial and statutory reports
The amendments are not expected to have
any material impact on the group’s financial report.
The amendments are not expected to have
any impact on the group’s financial report.
These amendments are expected to affect only
the presentation of the group’s financial report and
will not have a direct impact on the measurement
and recognition of amounts disclosed in the financial
report. The group has not determined at this
stage whether to present a single statement of
comprehensive income or two separate statements.
These amendments are expected to affect only
the presentation of the group’s financial report
and will not have a direct impact on the
measurement and recognition of amounts
disclosed in the financial report.
These amendments are not expected to have
any impact on the group’s financial report as
the group does not have on issue or expect
to issue any puttable instruments as defined
by the amendments.
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 2009 1 July 2009
1 January 2009 1 July 2009
1 January 2009 1 July 2009
1 January 2009 1 July 2009
1 January 2009 1 July 2009
1 July 2009 1 July 2009
1 January 2009 1 July 2009