Efecto de las experiencias emocionales en mega-eventos sobre la actitud hacia la sostenibilidad (H3).

(iii) Superannuation

At the reporting date a liability or asset is recognised in respect of defined benefit superannuation funds and is measured as the difference between the present value of the employees’ accrued benefits and the net market value of the superannuation funds’ assets at that date.

The Corporation’s share of the employees’ retirement liability or prepaid superannuation in respect of the defined benefits superannuation schemes (State Superannuation Scheme, State Authorities Superannuation Scheme and State Authorities Non-Contributory Scheme) is reported as a liability or prepayment as required in the Financial Report.

(iv) Technical Breach of Public Finance and Audit Regulation 2000

The Public Finance and Audit Regulation 2000 requires deferred employee entitlements to be disclosed on the face of the Statement of Financial Performance. RIC has not complied with this requirement. However, in compliance with accounting standards the required data is shown by way of note under Other Provisions (Note 13).

(q) Redundancy

Contributions received from the Department of Transport to fund payments to employees electing to take voluntary redundancy are recognised as Government contributions when received. Severance payments and payments in lieu of notice are recognised as severance payments expense. Payments for annual leave, long service leave and pay in lieu of holidays worked which are paid on redundancy are charged to the respective provision.

(r) Environmental Restoration and Reparation

The Corporation is potentially liable for claims for environmental damage emanating from its rail infrastructure including any environmental damage directly attributable to operators. Where environmental damage can be attributed to an operator, the Corporation will seek to recover such costs in full.

Provision is made for the estimated liability arising under specific environmental legislation taking into account the conditions of land and quarrying operations and any future environmental rectification and estimated quarry restoration costs. The liability is based on the current best estimate resulting from site investigations of restoration work required. This provision is reported as a diminution in the value of the respective land holdings.

(s) Restructuring Provision

A liability for restructuring is recognised when there is a demonstrable management commitment to a restructuring of activities and when a reliable estimate of the liability can be made.

(t) Insurance

Appropriate insurances are purchased to cover exposures arising out of normal business operations. The insurance policies purchased by the Corporation have varying excess amounts for each policy. Provision is made for the estimated liability for the excess at balance date. Financial responsibilities for minor and predictable losses, which are not cost effective to insure, are retained.

The Rail Infrastructure Corporation is a licensed self-insurer for workers’ compensation claims under the New South Wales Workers’ Compensation Act. Provision is made for future costs associated with workers’ compensation and other liability claims occurring in the financial year. The provision is assessed at present value by an independent actuary. Recoveries under insurance arrangements are treated as receivables.

(u) Interest Bearing Liabilities

In accordance with Treasury directions all loans are valued at Current Capital Value. Current Capital Value is the face value of the debt less unamortised discount or plus unamortised premiums. The discounts or premiums are treated as an interest expense or income, respectively, and amortised over the term of the debt.

Borrowing costs are recognised as expenses in the period in which they are incurred and include (except where they are included in the costs of qualifying assets):

(ii) Joint Venture Entities

All joint venture entities, including joint venture partnerships, are accounted for using the equity accounting method. Under this method RIC’s share of a joint venture entity’s net profit or loss after tax is recognised in the Statement of Financial Performance and the appropriate proportion of any movement in reserves is recognised directly in the Corporation’s consolidated reserves.

(x) Accounting for Goods and Services Tax (GST)

Revenues, expenses and assets are recognised net of the amount of GST, except:

■the amount of GST incurred that is not recoverable from the Australian Taxation Office (ATO) is recognised as part of the cost of acquisition of an asset or as part of an item of expense,

■receivables and payables are stated with the amount of GST included.

The net amount of GST recoverable from, or payable to, the ATO is included as a current asset or liability in the Statement of Financial Position. Cash flows are included in the Statement of Cash Flows on a gross basis. The GST components of cash flows arising from investing and financing activities which are recoverable from, or payable to, the ATO are classified as operating cash flows.

(y) Comparatives

Comparative figures are, where appropriate, reclassified so as to provide a meaningful comparison with the current year. Comparative figures reported are the consolidated figures from the Statement of Financial Performance for the six months ended 30 June 2001 and from the Statement of Financial Position as at 30 June 2001.

(z) Roundings

All amounts have been rounded to the nearest thousand dollars unless indicated otherwise.

12 months 6 months

ended ended

30 June 2002 30 June 2001

$’000 $’000

Note 2. Revenue

Revenue from ordinary activities

Access Fees from operators 561,330 238,951

Maintenance and construction services revenue 86,416 34,599

NSW Government Community Service Obligations (CSOs) 246,625 163,933

Operator and Department of Transport (DOT) funded capital projects (refer (a)) 160,306 82,417

Operator and Department of Transport (DOT) funded feasibility studies 1,223 –

Traction energy revenue 29,262 15,817

Workshop services revenue 3,269 6,145

Telecommunication services revenue 21,076 12,930

Proceeds from assets sales 10,506 4,080

Management Fees 6,649 –

Sale of quarry products 3,898 3,125

Sale of scrap 2,691 1,170

Share of proceeds from sale of leased vehicles 641 802

NOTES TO AND FORMING PART OF THE FINANCIAL REPORT