Show More

  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

Key sources of estimation uncertainty

Key estimates and assumptions concerning the future are based on historical experience and various other factors that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.

Long Service Leave

The PTA undertook an actuarial assessment of its long service leave provision in 2013 and is using employees’ age based factors for discounting its expected future payments between valuations. These factors incorporate a series of assumptions such as demographics, salary inflation, and market yields on commonwealth government bonds. Fluctuations in any of the assumptions used to calculate these factors may impact the provision for annual and long service leave.

Estimating useful life of key assets

The useful lives are estimated having regard to such factors as asset maintenance, rate of technical and commercial obsolescence, and asset usage. The useful lives of key assets are reviewed annually.

Depreciated replacement cost of railway infrastructure assets

The Building Cost Index from the Department of Finance has been applied in a model developed by the PTA for measuring the current replacement cost of the urban railway infrastructure.

The remaining useful life of the freight network infrastructure assets has been assessed by experienced independent engineering and valuation professionals in 2010 based on a review of information pertaining to age, history, site assessment observation and condition. The PTA has assumed no residual value on life expired freight network infrastructure assets.

Workers’ Compensation provision

The Workers’ Compensation Deposit Contributions are initially calculated on estimates of wages, prior year claims and budgeted investment income and are then adjusted on the actual outcomes of these factors for the period of cover. Workers’ Compensation Contributions are adjusted three years after the close of the period of cover and the PTA has made a provision based upon the RiskCover performance adjustment. The performance adjustment outcome for a year is influenced by the actual experience for a year being different to what was expected when the Deposit Fund Contribution was set. Differences can arise when the actual outcome is different from that originally projected, specifically in relation to number of claims received, cost of the claims, reinsurance costs and investment returns.

Contaminated sites provision

The contaminated sites provision was based on estimates made by management for investigation or remediation expenses of contaminated or suspected contaminated sites.

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...

Read More

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...

Read More