ARTA Annual Report 2009 - Auckland Transport

Standards, amendments and interpretations issued that are not yet effective and have
not been early adopted
NZ IAS1 (International Accounting Standard) Presentation of Financial Statements (revised 2007) replaces
NZ IAS 1 Presentation of Financial Statements (issued 2004) and is effective for reporting periods beginning
on or after 1 January 2009. The revised NZ IAS1 requires an entity to present all owner changes in equity
separate from non-owner changes in equity in a Statement of Changes in Equity. All non-owner changes in
equity (i.e. comprehensive income) are required to be presented in one Statement of Comprehensive Income
or in two statements (an Income Statement and a Statement of Comprehensive Income). Components of
comprehensive income are not permitted to be presented in the Statement of Changes in Equity. ARTA
intends to adopt this standard for the year ending 30 June 2010, and will prepare two statements (an
Income Statement and a separate Statement of Comprehensive Income). This is not expected to have a
material effect on ARTA.
NZ IAS23 Borrowing Costs (revised 2007) replaces NZ IAS23 Borrowing Costs (issued 2004) and is effective for
reporting periods beginning on or after 1 January 2009. The revised standard requires an entity to capitalise
borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset
(one that takes a substantial period of time to get ready for use or sale) as part of the cost of the asset.
The option of immediately expensing these borrowing costs has been removed. ARTA intends to adopt this
standard for the year ending 30 June 2010. It is not expected to have a material impact on ARTA as ARTA’s
rules prevent it from borrowing without the written permission of the ARC.
NZ IFRS8 Operating Segments is effective for annual reporting periods beginning on or after 1 July 2009.
NZ IFRS8 makes compliance with the standard mandatory for non-qualifying profit-oriented entities and
changes how operating segments are defined and their results disclosed in notes to the financial statements.
ARTA intends to take up the exemption offered to public benefit entities not to apply this standard.
Measurement Base
The financial statements have been prepared on an historical cost basis, modified by the revaluation
of certain assets and liabilities as identified in specific policies below. The financial statements are presented
in New Zealand dollars.
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