4.78 MB - Perth Airport

NOTES TO THE FINANCIAL STATEMENTS
30 JUNE 2005 (CONTINUED)
NOTE 33. IMPACT OF ADOPTING AUSTRALIAN EQUIVALENTS TO IFRS (CONTINUED)
(iii) Under AASB 140 Investment Property is required to be held at fair value and revalued on a regular basis. On this basis land and
buildings held as investment property under AIFRS are not depreciated, but revalued on a regular basis. Therefore depreciation expense
recorded during the year has been reversed.
(iv) The reopening of the original acquisition of Perth Airport under AASB 3 Business Combinations resulted in a number of contract based
intangibles being required to be recognised and subsequently amortised over their useful lives. As a result, additional amortisation
expense is required to be recognised in the current year.
(v) Under AASB 140 Investment Properties, all gains or losses resulting from the change in value of investment properties are required to
be recognised in the statement of profit and loss in the period in which they occur.
(vi) Under AASB 112 Income Taxes, WAC is required to use the balance sheet liability method, rather than the current income statement
method which recognises deferred tax balances where there is a difference between carrying value of an asset or liability and its tax
base. This results in the recognition of a deferred tax expense in the current year.
(c) Restated AIFRS Statement of Cash Flows for the year ended 30 June 2005
No material impacts are expected to the cash flows presented under AGAAP on adoption of AIFRS.
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