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2. Basis of preparation

(a) Statement of compliance

This general purpose financial report has been prepared in accordance with:

  • Australian Accounting Standards issued by the Australian Accounting Standards Board (AASB); and
  • The Corporations Act 2001 (Cth).

The financial statements of the Company also comply with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

(b) Historical cost convention

These financial statements have been prepared under the historical cost basis, except for the following:

  • land, buildings and infrastructure - measured at fair value; and
  • financial assets and liabilities (including derivative instruments) - measured at fair value.

(c) Significant accounting estimates and judgements

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company’s accounting policies. Estimates or judgements which are material or have the potential to be material to the financial report are found in the following notes:

Accounting estimates and judgements


Fair value of land, buildings and infrastructure


(d) Significant accounting policies

Accounting policies are selected and applied in a manner ensures that the resulting financial information satisfies the concepts of relevance and reliability. Unless otherwise stated, the Company has consistently applied the accounting policies to all periods presented in these financial statements.

Significant accounting policies are contained in the notes to the financial statements to which they relate and Note 16. Other Significant Accounting Policies.

The Company has initially applied AASB 16 (refer Note 16(e) in 16. Other Significant Accounting Policies) from 1 July 2019. Due to the transition methods chosen by the Company in applying these standards, comparative information throughout these financial statements has not been restated to reflect the requirements of the new standards. The effect of initially applying these standards has impacted disclosure and presentation only.