power people - TransGrid

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Statement of RecognISed Income and expenSe For The year ended 30Th June 2009 76 Statement of RecognISed Income and expenSe > TransGrid annual reporT 2009 2009 2008 note $’000 $’000 asset revaluation reserve: net increase/(decrease) in revaluations, including impairments 21 414,560 75,958 net unrealised Gains/(losses) reserve: net gains/(losses) taken to equity on available-for-sale financial assets 21 – (426) Cash Flow hedge reserve: net movement in equity 21 14,397 (2,895) superannuation actuarial Gains/(losses) 5(b) (133,287) (39,499) income tax on items taken directly to equity 6(a)(ii) (88,409) (10,916) Net income recognised directly in equity 207,261 22,222 profit for the year 150,291 132,387 Total recognised income and expense for the year attributable to members of TransGrid 357,552 154,609 effect of change In accountIng polIcy profit for the period as reported in 2008 104,738 Change of policy – actuarial losses 27,649 restated profit for the period 132,387 The accompanying notes form an integral part of these financial statements.
noteS to the fInancIal StatementS For The year ended 30Th June 2009 1. coRpoRate InfoRmatIon The financial report of TransGrid for the year ended 30 June 2009 was authorised for issue in accordance with a resolution of the directors on 10 september 2009. TransGrid is a statutory state owned Corporation under the state owned Corporations act, 1989 and was corporatised under the energy services Corporations amendment (TransGrid Corporatisation) act, 1998. 2. SummaRy of SIgnIfIcant accountIng polIcIeS (a) Basis of preparation The financial report is a general-purpose financial report, and has been prepared in accordance with australian accounting standards including accounting interpretations; the requirements of the public Finance and audit act, and regulation; the state owned Corporations act, 1989; and relevant Treasury Circulars. property, plant and equipment, assets classified as held for sale, derivative financial instruments, and available-for-sale financial assets are measured at fair value. other financial statement items are prepared in accordance with the historical cost convention, except as otherwise stated in the financial report. Where necessary, comparative information has been reclassified to conform to the current year’s presentation. all amounts are rounded to the nearest thousand dollars ($’000) and are expressed in australian currency. (b) Statement of compliance The financial report complies with australian accounting standards, which include the australian equivalents to international Financial reporting standards (aeiFrs). The financial report also complies with the international Financial reporting standards (iFrs). (c) new australian accounting Standards and Interpretations not yet adopted australian accounting standards and interpretations that have recently been issued or amended but are not yet effective have not been adopted by TransGrid in preparing this financial report. The following standards, amendments to standards and interpretations have been identified as those which may impact TransGrid in the period of initial application: > aasB 101 (issued september 2007), aasB 2007-8 (issued september 2007) and aasB 2007-10 (issued december 2007) relate to presentation of financial statements. > aasB 2008-9 (issued september 2008) relates to amendments to aasB 1049 for consistency with aasB 101. > aasB 123 and aasB 2007-6 (both issued June 2007) relate to borrowing costs. > aasB 2008-5 and aasB 2008-6 (both issued July 2008) relate to amendments to australian accounting standards arising from the annual improvements project. > aasB 2008-8 (issued august 2008) relates to eligible hedged items. > aasB 8 (issued February 2007) replaces the presentation requirements of segment reporting in aasB 114. > aasB 2007-3 (issued February 2007) relates to amendments to existing accounting standards as a result of the new aasB 8. > aasB 2009-2 (issued april 2009) relates to financial instrument disclosures. > aasB 2009-7 (issued June 2009) relates to amendments to australian accounting standards. > interpretation 18 (issued March 2009) relates to the transfer of assets from customers. all of these pronouncements are applicable for the year commencing 1 July 2009. The new standards are concerned with disclosures and will have no direct impact on TransGrid’s financial results. (d) Significant accounting Judgements, estimates and assumptions made by management in applying TransGrid’s accounting policies, management continually evaluates judgements, estimates and assumptions based on experience and other factors, including expectations of future events that may have an impact on TransGrid. all judgements, estimates and assumptions made are believed to be reasonable, based on the most current set of circumstances available to management. actual results may differ from the judgements, estimates and assumptions. significant judgements, estimates and assumptions made by management in the preparation of these financial statements are outlined below: (i) Significant accounting judgements Impairment TransGrid assesses impairment of all assets at each reporting date by evaluating conditions specific to TransGrid’s business as a whole, which may lead to impairment. if an impairment trigger exists, the recoverable amount of the value in use for the business is determined. Further details on the value in use calculations and adjustment for impairment are disclosed in note 2(h). Recovery of Deferred Tax Assets deferred tax assets are recognised for deductible temporary differences as management considers that it is probable that future taxable profits will be available to utilise those temporary differences. Long Service Leave Provision TransGrid’s liability for employee benefits relating to long service leave is measured using the current cost approach, which approximates the present value basis. periodic comparison is undertaken of the two measurement bases, in conjunction with an independent actuarial review. Management’s judgement, based on historical experience, is applied in determining whether the resulting difference materially impacts on the liability valuation recognised in the financial report and requires an adjustment to align to present value measurement. Workers’ Compensation Provision The liability for workers’ compensation is based on an annual independent actuarial assessment, supplemented by management considerations, to arrive at a best estimate of the expenditure required to settle present considerations at the reporting date. The estimate contains uncertainty because variables used in calculations cannot be easily quantified or measured in advance of a possible occurrence. (ii) Significant accounting estimates and assumptions Allowance for impairment loss on receivables from trade and other debtors Where receivables are outstanding beyond the normal trading terms, the likelihood of recovery of these receivables is assessed by management. This assessment is based on supportable past collection history and historical write-offs of bad debts. Estimation of useful lives of assets The estimation of the useful lives of assets is based on historical experience, industry comparisons, as well as expected usage, physical wear and tear, and the rate of technical and commercial obsolescence. Further information on the estimation of useful lives is disclosed in note 2(f)(iv). TransGrid annual reporT 2009 > noteS to the fInancIal StatementS 77
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power people TransGrid annual repor
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conTenTs 2 About trAnsGrid 8 HiGHli
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GenerAtinG sourCes TransGrid’s ne
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65 connecTion poinTs To GeneraTors
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our direction our vision To be reco
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delivered more tHAn 60 Major capiTa
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The 2008/09 year has been another v
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TransGrid’s focus on health and s
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challenges 2009/10 > Work towards o
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capacity upgrades to most other par
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as industrial development and popul
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nsW is australia’s most populous
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uildinG susTainable World-class inf
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Page 31 and 32: TransGrid’s strategy for strong i
Page 33 and 34: enHAnCinG orGAnisAtionAl eFFiCienCi
Page 35 and 36: MakinG enVironMenT and coMMuniTy a
Page 37 and 38: our Live Green reuse recycLe What i
Page 39 and 40: each TransGrid project requires a u
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Page 43 and 44: TransGrid’s strategies are aimed
Page 45 and 46: TransGrid’s goal is zero injuries
Page 47 and 48: TransGrid’s graduate program prov
Page 49 and 50: TransGrid has been active in consid
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Page 53 and 54: The Women@TransGrid program aims to
Page 55 and 56: corporaTe GoVernance leAdinG resPon
Page 57 and 58: tHe Hon. joHn PriCe Am, (mAiCd, jP,
Page 59 and 60: mr tony meeHAn b.Comm CPA Chief Fin
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Page 65 and 66: oPPosite (left to right) Garrie Chu
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Page 69 and 70: TransGrid’s executive committees
Page 71 and 72: Credit CArd usAGe credit card usage
Page 73 and 74: 2008/09 financials Contents 73 inCo
Page 75 and 76: BegInnIng of audIted fInancIal Repo
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Page 81 and 82: interest on borrowings is capitalis
Page 83 and 84: (ii) Rendering of services revenue
Page 85 and 86: 3. Income 2009 2008 $’000 $’000
Page 87 and 88: (f) percentage invested in each ass
Page 89 and 90: (iii) Reconciliation of income tax
Page 91 and 92: (b) Reconciliations of the carrying
Page 93 and 94: (b) Reconciliations of the carrying
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Page 97 and 98: 22. RetaIned eaRnIngS 2009 2008 $
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Page 103 and 104: Statement By memBeRS of the BoaRd T
Page 105 and 106: Independent audItoR’S RepoRt cont
Page 107 and 108: Index continued J Judicial decision
Page 109 and 110: gloSSaRy continued lTi lost time in
Page 112: transgrid contact details Sydney 20
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power people - TransGrid

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