Notes to the financial statements
standards or interpretations for the first time in the reporting year commencing 1 July 2024, that have had a material impact on the financial statements. B. New accounting standards and interpretations not yet adopted There are no accounting standards, amendments to accounting standards or interpretations effective after the 30 June 2025 reporting year that have been identified as potentially having a material impact on Western Power in the reporting year of initial application. C. Accrual accounting and historical cost convention These financial statements are prepared: • on the accrual accounting basis except for cash flow information prepared on the cash accounting basis • in accordance with the historical cost convention except for: • derivative financial instruments measured at fair value • lease liabilities and certain employee benefit liabilities measured at present value, less the fair value of any defined benefit plan assets. D. Comparatives Comparative amounts are for the previous reporting year from 01 July 2023 to 30 June 2024. Where appropriate, comparative amounts are re-presented and re-classified to ensure comparability with the current reporting year. There has been no re-statement to comparative amounts. E. Going concern These financial statements are prepared on the going concern basis – being Western Power has reasonable grounds to believe it is able to pay its debts as and when they become due and payable. This is considering: • Western Power’s surplus working capital as at 30 June 2025 (refer to note 17(d)(i)) • the unused portion of Western Power’s available borrowing facility agreement as at 30 June 2025 (refer to note 17(d)(ii)) • Western Power’s forecast 2025/26 net profit and positive operating cash flows in the 2025/26 Western Australian State Budget handed down in May 2025.
In this section This section presents the significant accounting policies adopted by Western Power in the preparation of these financial statements. Where an accounting policy is specific to one note, the policy is described in the note to which it relates. All principal policies have been consistently applied to the reporting years presented, unless otherwise stated.
Section 1: Basis of preparation 1. Reporting entity
Electricity Networks Corporation trading as Western Power ( Western Power ) is incorporated under the Electricity Corporations Act 2005 (WA) and domiciled in Australia. The registered office and principal place of business is 363 Wellington Street, Perth, Western Australia 6000. Western Power is primarily involved in the building, maintenance and operation of the electricity network throughout the majority of southern Western Australia. These financial statements cover Western Power as an individual entity and were authorised for issue in accordance with a resolution of the directors on 25 August 2025. The directors have the power to amend and reissue the financial report.
2. Basis of accounting
These financial statements are general purpose financial statements that have been prepared in accordance with Australian accounting standards, other authoritative pronouncements of the Australian Accounting Standards Board ( AASB ) (including Australian interpretations), the Government Trading Enterprises Act 2023 ( GTE Act ) and the Government Trading Enterprises Regulations 2023 ( GTE Regulations ). Western Power has been classified as a not-for- profit entity for the purpose of applying accounting standards, and accordingly applies the not-for-profit elections available in the Australian accounting standards (where applicable). A. New accounting standards and interpretations adopted Western Power has not adopted any new accounting standards, amendments to accounting
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Western Power Annual Report 2025
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