1996/97 STATE TRANSIT ANNUAL REPORT Notes to and Forming Part of the Financial Statements 1: ACCOUNTING POLICIES Basis of Accounting Property, Plant and Equipment (i) Basis of valuation (ii) Leased assets (iii) Depreciation (iv) Capitalisation policy (v) Works in progress (vi) Major periodic maintenance (vii) Spares for plant and equipment Investments Finance Lease Contingent Rentals Borrowings Deferred Revenue Inventories Receivables Insurance Foreign Exchange Debt Defeasance Employee Entitlements Comparatives Rounding 2: INCOME AND EXPENDITURE (i) Crediting as Income (ii) Charging as Expenditure (iii) Abnormal Items (iv) New South Wales Government Payments (a) Reimbursements for free and concessional travel (b) Community service obligations (v) Interest Income (vi) Board Members' Remuneration (vii) Auditor's Remuneration 3: INCOME TAX (i) Income Tax Expense (ii) Benefit of timing differences not brought to account. (iii) Provision for Deferred Income Tax 4: DIVIDENDS 5: RECEIVABLES 6: INVESTMENTS 7: INVENTORIES 8: OTHER ASSETS 9: PROPERTY, PLANT AND EQUIPMENT 10: CREDITORS 11: LOANS AND FINANCE LEASES 12: PROVISIONS (i) Retirement Benfits (ii) Components of retirement benefits expenditure 13: RESERVES 14: COMMITMENTS (i) Loans (ii) Finance Lease Commitments (iii) Operating Lease Commitments (iv) Capital Expenditure Commitments 15: CONTINGENT ASSETS 16: CONTINGENT LIABILITIES (Next Page) (Table of Contents)

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