Telstra 2006 Annual Report Download - page 67

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This concise nancial report has been prepared in accordance with
the Corporations Act 2001 and AASB 1039: “Concise Financial Reports”
and is derived from the full nancial report contained in the “Annual
Report 2006”. All amounts are presented in Australian dollars.
The principal accounting policies we used in preparing the concise
nancial report of Telstra Corporation Limited and its controlled
entities (referred to as the Telstra Group) are included in the full
nancial report contained in the “Annual Report 2006”.

Australian entities reporting under the Corporations Act 2001
are required to prepare their nancial reports for nancial years
commencing on or after 1 January 2005 under the Australian
equivalents of International Financial Reporting Standards (A-IFRS)
as adopted by the Australian Accounting Standards Board (AASB). We
implemented accounting policies in accordance with A-IFRS on 1 July
2004, except for those relating to nancial instruments, which were
implemented on 1 July 2005.
The transitional rules for rst time adoption of A-IFRS required that
we restate our comparative nancial report using A-IFRS, except for
AASB 132: “Financial Instruments: Disclosure and Presentation” and
AASB 139: “Financial Instruments: Recognition and Measurement”,
where comparative information was not required to be restated.
In addition, we have elected to early adopt AASB 7: “Financial
Instruments: Disclosures”, which supersedes the disclosure
requirements of AASB 132.
Comparatives were remeasured and restated for the nancial
year ended 30 June 2005. Most of the adjustments on transition
were made to opening retained prots at the beginning of the rst
comparative period (ie. at 1 July 2004), except for the accounting
policies in respect of nancial instruments which required adoption
from 1 July 2005.
Our adoption of A-IFRS has impacted the accounting policy and
reported amounts of the following items:
share based payments;
business combinations;
income taxes;
property, plant and equipment;
leases;
employee benets;
changes in foreign exchange rates;
borrowing costs;
investments in associates and joint ventures;
impairment of assets;
intangible assets; and
nancial instruments.
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Reconciliations and descriptions of the impact of transition to A-IFRS
on the Telstra Group income statement, balance sheet and statement
of cash ows are provided in note 36 of the full nancial report
contained in the “Annual Report 2006”.
Other than the adoption of A-IFRS, we have had no signicant
change in accounting policy during scal 2006 and scal 2005.
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Our total revenue (excluding nance income) includes:
 
 
  2005
  $m
Sales revenue  22,161
Other revenue  20
Total revenue
(excluding nance income)  22,181
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