✨ Financial Information on Irrigation Schemes
16 SEPTEMBER
NEW ZEALAND GAZETTE
2881
Source of Financial Information
Source of financial information
The financial information in this report has been prepared by the Ministry of Agriculture and Fisheries from the best historical information available to the Ministry when it took over responsibility for Community Irrigation Schemes owned by the Crown on 1 April 1988. The approach taken by MAF was determined and assessed by Touche Ross, Accountants, and found to be valid. The Audit Office reviewed the accounts prepared by MAF for presentation and reasonableness of the accounting treatment.
Accounting by the Crown
The Crown’s irrigation assets and liabilities were not recorded in the Crown Accounts during the management of the assets by the Ministry of Works and Development prior to 1 April 1988. After the assets were transferred to MAF on 1 April 1988, expenditure from that date was recorded in the accounts of MAF Technology until 30 June 1990. From 1 July 1990, all expenditure on the operation and maintenance of the schemes, and the costs and revenue from their sales have been recorded in the Crown accounts.
The full balance sheets for the Crown Accounts were established on 1 July 1991. The values of the assets and liabilities were based on the estimated amounts due to be received by and paid by the Crown after 1 July 1991 under the terms of the Sale and Purchase Agreements.
Settlement Payments to or by the Purchasers
The financial settlements with the Purchasers were carried out by MAF. The final outcomes of the settlements were reviewed by Deloitte Ross Tohmatsu. The sources of the information were not audited, nor were they reviewed in terms of the New Zealand Society of Accountants Statement of Review Engagement Standards. The financial information has, however, been accepted by the Irrigation Companies concerned as full and final settlement of their Agreements for purchase of the assets.
Prior to making payment, the settlements were referred to Treasury to confirm that they reflected the intentions of the Sale and Purchase Agreements.
GST Liability
These financial statements do not include GST although the settlement payments by the Crown covered the Purchasers liability for GST. The Purchasers paid GST on work carried out by the Crown after the effective date, but were not required to pay GST on the price paid for the assets.
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VUW Te Waharoa —
NZ Gazette 1994, No 94
NZLII —
NZ Gazette 1994, No 94
✨ LLM interpretation of page content
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Source of Financial Information
(continued from previous page)
🌾 Primary Industries & ResourcesFinancial Information, Ministry of Agriculture and Fisheries, Touche Ross, Audit Office, Irrigation Schemes
🌾 Accounting by the Crown
🌾 Primary Industries & ResourcesCrown Accounts, Ministry of Works and Development, MAF Technology, Irrigation Assets
🌾 Settlement Payments to or by the Purchasers
🌾 Primary Industries & ResourcesFinancial Settlements, Deloitte Ross Tohmatsu, Treasury, Sale and Purchase Agreements
🌾 GST Liability
🌾 Primary Industries & ResourcesGST, Settlement Payments, Purchasers, Irrigation Schemes