ARTA Annual Report 2009 - Auckland Transport

STATEMENT OF ACCOUNTING POLICIES
FOR THE YEAR ENDED 30 JUNE 2009
Reporting Entity
The Auckland Regional Transport Authority (ARTA) was established on 1 July 2004 by the Local Government
(Auckland) Amendment Act 2004. It is a body corporate with perpetual succession.
It is also a Council-Controlled Organisation as defined by the Local Government Act 2002. The Local
Government (Auckland) Amendment Act 2004 defines the Auckland Regional Council (ARC) as the sole
shareholder of ARTA.
The financial statements are for the year ended 30 June 2009 and were authorised for issue by the Board
of ARTA on 26 August 2009.
Basis of Preparation
These financial statements have been prepared in accordance with section 69(2) of the Local Government
Act 2002, which requires the financial statements to comply with generally accepted accounting practice
(NZ GAAP).
These financial statements have been prepared in accordance with NZ GAAP. They comply with New
Zealand equivalents to International Financial Reporting Standards (NZ IFRS), and other applicable Financial
Reporting Standards, as appropriate for public benefit entities.
ARTA is designated a Public Benefit Entity for the purposes of NZ IFRS on the basis that the primary
objective of ARTA is to provide goods or services for the community or social benefit, rather than making
a financial return.
Changes in Accounting Policy
The accounting policies set out below have been applied consistently to all periods presented in these
financial statements. There have been no changes in accounting policy since 30 June 2008.
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