annual report 2011–12 - Parliament of New South Wales - NSW ...

Transport for NSW
Notes to the financial statements
For the period from 1 November 2011 to 30 June 2012
1. Summary of significant accounting policies (cont’d)
a) Transport for NSW – Reporting entity (cont’d)
Metro Transport Security Co Pty Ltd
Pyrmont Light Rail Co Ltd
SLR Corporate Development Pty Ltd
Light Rail Construction Co Pty Ltd
The Treasurer of NSW on 14 March 2012 granted an exemption to Transport for NSW, a
controlled entity of the Department of Transport from preparing consolidated financial
statements on the basis that the Department of Transport, as the ultimate parent entity,
produces consolidated financial statements. These financial statements are for the Transport
for NSW parent entity only.
Transport for NSW is a not-for-profit organisation.
The financial statements of Transport for NSW for the period from 1 November 2011 to 30
June 2012 were authorised for issue by the Director General on 10 October 2012.
b) Basis of preparation
The financial statements are general purpose financial statements which have been prepared
in accordance with:
Applicable Australian Accounting Standards (which include Australian Accounting
interpretations);
The requirements of the Public Finance and Audit Act 1983 and Regulation; and
The Financial Reporting Directions published in the Financial Reporting Code for
NSW General Government Sector Entities or issued by the Treasurer under section 9(2)(n) of
the Act.
Property, plant and equipment, investment property, assets (or disposal groups) held for sale
and financial assets at “fair value through profit or loss” and available for sale are measured at
fair value. Other financial report items are prepared in accordance with historical cost
convention.
All amounts are rounded to the nearest one thousand dollars and are expressed in Australian
currency.
c) Critical accounting estimates, judgement and assumptions
In the application of accounting standards and the Financial Reporting Code for NSW General
Government Sector Entities (the Code), management is required to make judgements,
estimates and assumptions about the carrying values of assets and liabilities that are not
readily apparent from other sources. The estimates and associated assumptions are based on
historical experience and various factors that are believed to be reasonable under the current
set of circumstances. Actual results may differ from these estimates.
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Transport for NSW Annual Report 2011–12