Financial statements
Section B: Notes to the Group financial statements for the year ended 30 June 2024
Section B: Notes to the Group financial statements for the year ended 30 June 2024
Items not recognised
B25 Contingencies Contingencies accounting policy Contingent assets
Contingent assets are possible recoveries whose existence will only be confirmed by uncertain future events not wholly within the control of the Group. Contingent assets are not recognised on the balance sheet unless they are virtually certain but are disclosed if the inflow of economic
resources is probable. Contingent liabilities
Contingent liabilities are possible obligations whose existence will only be confirmed by uncertain future events and present obligations where the transfer of economic resources is not probable or cannot be reliably estimated. Contingent liabilities are not recognised on the balance sheet unless they are probable but are disclosed if the outflow of economic resource is possible but not remote. KEY ACCOUNTING ESTIMATE AND JUDGEMENT Construction contracts - the Group (including its equity accounted investments) is exposed to direct and indirect construction risk, including remediation of concession intangible assets. In addition, the Group (including its equity accounted investments) has initiated claims on others in connection with its construction projects. In overseeing construction projects, from time to time payments may be made in excess of contracted amounts to facilitate their continued progression. Note B17 discusses the accounting for maintenance expenses where the Group has a present obligation to remediate concession intangible assets. The Group (including its equity accounted investments) assesses each claim it is a party to for the purposes of preparing financial statements in accordance with the accounting standards. Contingent assets and liabilities may exist in respect of actual or possible recoveries, claims and commercial payments arising from these matters. As at 30 June 2024, any inflow of economic resources associated with these matters is not considered virtually certain and any possible payments relating to actual or potential future claims or possible commercial payments to other parties in excess of, or separate to the amounts stipulated in the Design and Construction contracts or other contracts, are not considered probable of being made and are remote. Other contractual arrangements - the Group has received claims from other parties, including with respect to the Group’s obligations under its services agreements. As at 30 June 2024, it has not been established that a present obligation exists. Further information about these claims has not been included in this report because disclosure of the information would be likely to result in unreasonable prejudice to the Group.
Parent entity The Parent entity does not have any contingent assets or contingent liabilities as at reporting date.
B26 Commitments The Group’s unrecognised capital commitments as at 30 June 2024 are $299 million (2023: $783 million) and relate primarily to the West Gate Tunnel Project. Share of commitments related to equity accounted investments The Group’s share of unrecognised commitments related to equity accounted investments as at 30 June 2024 are $533 million (2023: $719 million) and relate primarily to Fredericksburg Extension and the 495 Express Lanes Northern Extension in TC. Subsequent events Other than as disclosed elsewhere in this report, in the interval between the end of the financial year and the date of this report, no further matter or circumstance has arisen that has significantly affected, or may significantly affect, the Group’s operations, the results of those operations, or Group’s state of affairs, in future years. B27
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