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AustralAsia Railway Corporation annual report 1999/2000



AustralAsia Railway Corporation annual report 1999/2000

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Annual report 1999 - 2000


AustralAsia Railway Corporations


E-Publications; E-Books; PublicationNT; AustralAsia Railway Corporation annual report; Annual Report




Made available via the Publications (Legal Deposit) Act 2004 (NT).




AustralAsia Railway Corporation; Periodicals; Annual report

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AustralAsia Railway Corporation

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AustralAsia Railway Corporation annual report; Annual Report


1999 - 2000

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AustralAsia Railway Corporations



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28 AustralAsia Railway Corporation Annual Report 29 Notes to and forming part of the Financial Statements For the Financial Year ended 30 June 2000 NOTE 1 STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies which have been adopted in the preparation of the financial statements are: a) Basis of accounting: This financial report is a general purpose financial report which has been prepared in accordance with the requirements of the AustralAsia Railway Corporations Act 1996, the Financial Management Act and Treasurers Directions and applicable Accounting Standards. Other mandatory professional reporting requirements, including Urgent Issues Group Consensus Views, have also been complied with. The AustralAsia Railway Corporation Act 1996 states that the accounting and reporting obligations imposed and standards required by the Corporations Law of or in relation to a public corporation incorporated under the Corporations Law apply to and in relation to the Corporation as if the Corporation were a public corporation so incorporated, and the Territory were the shareholders of the Corporation, and the Corporations Law, with the necessary changes, applied to the extent necessary to enforce those standards. b) Going Concern Assumption: The ongoing operation of the Corporation is reliant on the continued funding by the Northern Territory and South Australian Governments. c) Cash: For the purpose of the statement of cash flows, cash includes cash on hand and cash held in the AustralAsia Railway Corporation Operating Account. The Operating Account generates interest at a rate of 5% (1999: 4.2%) d) Revenue Recognition: Appropriations Appropriations are recognised as they are received. Interest Income Interest income is recognised as it accrues. e) Creditors: Liabilities are recognised for amounts to be paid in the future for goods or services received, whether or not billed to the Corporation. Trade creditors are normally settled within 30 days. f) Financial Assets and Liabilities: Financial assets and liabilities are measured at cost and recognised when it is probable that the economic benefits embodied in the asset or the future sacrifice of economic benefits required of the liability will eventuate. g) Superannuation: The Superannuation Guarantee Levy is paid on Members Fees. h) Taxation: The Income Tax Assessment Act 1936 exempts income received by the AustralAsia Railway Corporation from income tax. i) Comparatives: The accounting policies have been consistently applied with previous years. 2000 1999 $ $ NOTE 2 CASH Operating Account 1,296,461 1,030,446 Total Cash 1,296,461 1,030,446 NOTE 3 CREDITORS Current Creditors 1,127,358 541,078 Total Creditors 1,127,358 541,078 Consisting of: Northern Territory Government Agencies 14,017 9,661 External Bodies 1,113,341 531,417 1,127,358 541,078 NOTE 4 REVENUE Revenue from operating activities Appropriations 4,740,000 4,000,000 Interest 96,218 589 4,836,218 4,000,589 NOTE 5 AUDITORS REMUNERATION Audit Services: Auditors of the Corporation 3,550 3,000