2011/2012 Annual Report - Metro Tasmania

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NOTES TO THE FINANCIAL STATEMENTS • AASB 2010-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2010) (AASBs 1, 3, 4, 5, 7, 101, 102, 108, 112, 118, 120, 121, 127, 128, 131, 132, 136, 137, 139, 1023 and 1038 and Interpretations 2, 5, 10, 12, 19, and 127) – This Standard makes consequential amendments to other Australian Accounting Standards and Interpretations as a result of issuing AASB in December 2010. It is not anticipated that there will be any financial impact. • AASB 2011-7 Amendments to Australian Accounting Standards arising from the Consolidation and Joint Arrangements Standards (AASBs 1, 2, 3, 5, 7, 9, 2009-11, 101, 107, 112, 118, 121, 124, 132, 133, 136, 138, 139, 1023 and 1038 and Interpretations 5, 9, 16 and 17) – This Standard replaces the existing definition and fair value guidance in other Australian Accounting Standards and Interpretations as the result of issuing AASB 13 in September 2011. It is not expected to have a financial impact. • AASB 2011-8 Amendments to Australian Accounting Standards arising from AASB 13 (AASBs 1, 2, 3, 4, 5, 7, 9, 2009-11, 2010-7,101, 102, 108, 110, 116, 117, 118, 119, 120, 121, 128, 131, 132, 133, 134, 136, 138, 139, 140, 141, 1004, 1023 and 1038 and Interpretations 2, 4, 12, 13, 14, 17, 19, 131 and 132) – This Standard replaces the existing definition of fair value guidance in other Australian Accounting Standards and Interpretations as the result of issuing AASB 13 in September 2011. There is no expected financial impact. • AASB 2011-9 Amendments to Australian Accounting Standards – Presentation of Items of Other Comprehensive Income (AASBs 1, 5, 7, 101, 112, 120, 121, 132, 133, 134, 1039 and 1049) – This Standard requires to group items presented in other comprehensive income on the basis of whether they are potentially reclassifiable to profit or loss subsequently (reclassification adjustments). It is not expected to have a financial impact. • AASB 2011-10 Amendments to Australian Accounting Standards arising from AASB 119 (September 2011) (AASBs 1, 8, 101, 124, 134, 1049 and 2011-8 and Interpretations 14) – This Standard makes amendments to other Australian Accounting Standards and Interpretation as a result of issuing AASB 119 Employee Benefits in September 2011. It is not expected to have a financial impact. Note 3. SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Consolidation The consolidated Financial Statements have been prepared by combining the Financial Statements of all the entities that comprise the economic entity, being Metro Tasmania Pty Ltd (the parent entity) and its controlled entity Metro Coaches (Tas) Pty Ltd. Refer to Note 27. Consistent accounting policies have been employed in the preparation and presentation of the consolidated Financial Statements. In preparing the consolidated Financial Statements, all inter-company transactions, balances, income and expenses are eliminated in full. (b) (c) Goods and Services Tax (GST) Revenue, expenses and assets are recognised net of the amount of GST, except for receivables and payables that are recognised inclusive of GST. The net amount of GST recoverable from, or payable to, the Australian Taxation Office (ATO) is included as a current asset or liability in the Statement of Financial Position. Cash flows are included in the Statement of Cash Flows on a gross basis. The GST components of cash flows arising from investing and financing activities, which are recoverable from the ATO, are classified as operating cash flows. Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to the ATO. Revenue Passenger transport operations revenue Passenger transport operations revenue is recognised at the time the ticket is purchased. Financial income Interest is recognised as it accrues. Other operating and non-operating income The net gain (loss) of non-current asset sales are included as income (expenses) at the date control passes to the buyer, usually when an unconditional contract of sale is signed. 34 METRO Annual Report 2011 | 2012
NOTES TO THE FINANCIAL STATEMENTS The net gain or loss on disposal is calculated as the difference between the carrying amount of the asset at the time of disposal and the net proceeds on disposal. (d) (e) (f) (g) (h) (i) (j) Cash and Cash Equivalents Cash and cash equivalents comprise cash on hand, cash at banks and call deposits with original maturities of three months or less. Trade and Other Receivables Trade and other receivables are recorded at nominal amounts due less any provision for impairment and are recognised on delivery of services to customers. A significant volume of Metro’s operations are performed for the State Government or are received as cash fares. Accordingly, exposure to credit risk is minimal. An estimate for impairment is made when collection of the full amount is no longer probable. Impaired receivables are written off when identified. Assets held for sale Assets which satisfy the criteria in AASB 5 ‘Non-Current Assets Held for Sale’ are transferred to current assets and separately disclosed as assets held for sale on the face of the Statement of Financial Position. These assets are measured at the lower of carrying amount and fair value less costs to sell. These assets cease to be depreciated from the date which they satisfy the held for sale criteria. Trade and Other Payables Trade and other payables represent liabilities for goods and services provided to Metro prior to the end of the financial year which are unpaid. Measurement is based on the agreed purchase/ contract cost. The amounts are unsecured and are usually paid within 30 days of recognition. Financial Instruments It is not current Metro policy to utilise derivative financial instruments as a means of managing exposure to risks. Recognition and initial measurement Financial instruments, incorporating financial assets and financial liabilities, are recognised and classified as set out below: (i) Loans and receivables Loans and receivables are non-derivative financial assets with determinable payments that are not quoted in an active market and are subsequently measured at amortised cost using the effective interest rate method. (ii) Financial liabilities Non-derivative financial liabilities (excluding financial guarantees) are subsequently measured at amortised cost using the effective interest rate method. Inventories Inventories are valued at the lower of cost or current replacement cost which consists of bus spare parts, fuel and consumable stores. Property, Plant and Equipment Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment loss with the exception of land, buildings and the bus fleet which are independently valued at fair value. Assets held for sale within the next twelve months are disclosed as current assets. Revaluations The bus fleet, land and buildings are revalued on a three yearly basis. An indexation analysis for land and buildings is performed in subsequent years to ensure they reflect fair value at balance date. All other property, plant and equipment are also revalued with sufficient regularity to ensure they reflect fair value at balance date. Revaluation increments are recognised in other comprehensive income and/or accumulated in equity under asset revaluation reserve. The increment is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. Revaluation decrements are recognised in profit or loss. 35 METRO Annual Report 2011 | 2012
Page 1 and 2: 1 METRO Annual Report 2011 | 2012 a
Page 3 and 4: COMPANY OVERVIEW Metro Tasmania Pty
Page 5 and 6: Metro has continued to cooperate wi
Page 7 and 8: increase of 10 cents for urban stud
Page 9 and 10: Service Initiatives Throughout the
Page 11 and 12: OUR WORKFORCE Workforce Number of e
Page 13 and 14: Apprenticeships and Traineeships Me
Page 15 and 16: Customer Service Metro provides inf
Page 17 and 18: Metro has supported a diverse range
Page 19 and 20: Tracy Matthews Ms Tracy Matthews wa
Page 21 and 22: Directors’ remuneration Fees paid
Page 23 and 24: DIRECTORS’ DECLARATION 1. In the
Page 25 and 26: 25 METRO Annual Report 2011 | 2012
Page 27 and 28: FINANCIAL STATEMENTS Statement of F
Page 29 and 30: STATEMENT OF COMPREHENSIVE INCOME F
Page 31 and 32: STATEMENT OF CASH FLOWS For the yea
Page 33: NOTES TO THE FINANCIAL STATEMENTS s
Page 37 and 38: NOTES TO THE FINANCIAL STATEMENTS L
Page 39 and 40: NOTES TO THE FINANCIAL STATEMENTS C
Page 45 and 46: NOTES TO THE FINANCIAL STATEMENTS N
Page 57: NOTES TO THE FINANCIAL STATEMENTS N
Page 60: METRO TASMANIA HOBART - Head Office

2011/2012 Annual Report - Metro Tasmania

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