1 Australian Accounting Standards
General
The Public Transport Authority of Western Australia’s (PTA) financial statements for the year ended 30 June 2012 have been prepared in accordance with Australian Accounting Standards. The term “Australian Accounting Standards’ includes Standards and Interpretations issued by the Australian Accounting Standards Board (AASB).
The PTA has adopted any applicable, new and revised Australian Accounting Standards from their operative dates.
Early adoption of standards
The PTA cannot early adopt an Australian Accounting Standard unless specifically permitted by TI 1101 Application of Australian Accounting Standards and Other Pronouncements. There has been no early adoption of Australian Accounting Standards that have been issued or amended, but not operative by the PTA for the annual reporting period ended 30 June 2012.