Port Hedland Port Authority Annual Report 2011 - Parliament of ...
Port Hedland Port Authority Annual Report 2011 - Parliament of ...
Port Hedland Port Authority Annual Report 2011 - Parliament of ...
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
(o)<br />
Provisions<br />
A provision is recognised if, as a result <strong>of</strong> a past event, the <strong>Authority</strong> has a present legal or<br />
constructive obligation that can be estimated reliably, and it is probable that an outflow <strong>of</strong><br />
economic benefits will be required to settle the obligation. If the effect <strong>of</strong> the time value <strong>of</strong><br />
money is material, provisions are determined by discounting the expected future cash flows at a<br />
pre-tax rate that reflects current market assessments <strong>of</strong> the time value <strong>of</strong> money and the risks<br />
specific to the liability.<br />
Where discounting is used, the increase in the provision due to the passage <strong>of</strong> time is recognised<br />
as finance costs.<br />
(p)<br />
Contributed equity<br />
The <strong>Authority</strong> receives support from the WA Government. The amount received is recognised<br />
directly as a credit to contributed equity.<br />
(q)<br />
New accounting standards and interpretations not yet adopted<br />
No new amendments to standards and interpretations have been identified which may impact<br />
the entity in the period <strong>of</strong> initial application.<br />
Page 62
Change language