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  1. Australian Accounting Standards
  2. Summary of significant accounting policies
  3. Judgements made by management in applying accounting policies
  4. Key sources of estimation uncertainty
  5. Disclosure of changes in accounting policy and estimates
  6. Employee benefits expense
  7. Supplies and services
  8. Depreciation and amortisation expense
  9. Finance costs
  10. Grants and subsidies expense
  11. Other expenses
  12. User charges and fees
  13. Operating lease revenue
  14. Commonwealth grants and contributions
  15. Interest revenue
  16. Other revenue
  17. Net gain/(loss) on disposal/write-off of non-current assets
  18. Income from State Government
  19. Restricted cash and cash equivalents
  20. Inventories
  21. Receivables
  22. Amounts receivable for services
  23. Infrastructure, property, plant, equipment and vehicles
  24. Intangible assets
  25. Non-current assets classified as held for sale
  26. Impairment of assets
  27. Fair value measurements
  28. Payables
  29. Borrowings
  30. Provisions
  31. Other current liabilities
  32. Deferred income – operating lease
  33. Equity
  34. Notes to the Cash Flow Statement
  35. Commitments
  36. Contingent liabilities and contingent assets
  37. Remuneration of members of the accountable authority and senior officers
  38. Financial Instruments
  39. Supplementary financial information
  40. Events occurring after the end of the reporting period
  41. Explanatory statement
  42. Schedule of income and expenses by services
  43. Remuneration of auditor
  44. Act of Grace payments

Operating lease revenue

2014
$000		 2013
$000
Rental income from Freight network infrastructure (i) 5,383 5,383
Rental income from grain receival sites (ii) 83 83
5,466 5,466

(i) The sale of the Westrail Freight Business on 17 December 2000 included an operating lease of the freight network infrastructure for 49 years between the Western Australian Government Railways Commission (WAGR) – now Public Transport Authority of Western Australia (PTA) and Westnet Rail Pty Ltd – now Brookfield Rail Pty Ltd. The lease rentals were fully prepaid on 17 December 2000, and credited to deferred operating lease revenue.

(ii) A 99 year operating lease for 118 grain receival sites was entered into with Co-operative Bulk Handling (CBH) in 2003. Rental income for 99 years of $7.45 million was received in full at the commencement of the lease, and is accounted for as revenue over the 99 year lease period, with the prepaid portion shown as deferred income. (See note 32 ‘Deferred income – operating leases’).

A further 99 year operating lease for 15 grain receival sites was entered into with CBH in 2004. Rental income for 99 years of $775,000 was received in full at the commencement of the lease, and is accounted for as revenue over the 99 year lease period, with the prepaid portion shown as deferred income. (See note 32 ‘Deferred income – operating leases’).

Australian Accounting Standards

The PTA’s vision is to increase the use of public transport through the provision of customer-focussed, safe and cost-effective passenger transport services... Continue reading

Summary of significant accounting policies
Summary of significant accounting policies

The Public Transport Authority of Western Australia's (PTA) financial statements for the year ended 30 June 2014 have been prepared in accordance with Australian Accounting Standards...

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Financial Summary
Judgements made by management in applying accounting policies

The preparation of financial statements requires management to make judgements about the application of accounting...

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