New Zealand Gazette – 1995 – No. 100

Page 3155

✨ Financial Statements



15 SEPTEMBER NEW ZEALAND GAZETTE 3155

NELSON ELECTRICITY LIMITED

NOTES (continued)

Revenues and expenses in relation to all financial instruments are recognised in the Statement of Financial Performance.

The following methods and assumptions were used to value each class of financial instrument.

Debtors are recorded at expected realisable value.

Investments are recorded at the lower of cost or market value.

All other financial instruments are recognised at their fair value.

7. Fixed Assets

Land is stated at cost, all other assets are stated at cost less accumulated depreciation.

8. Taxation

The taxation charge against the profit of the period is the estimated liability in respect of that profit after allowance for permanent differences.

The Company follows the liability method of accounting for deferred taxation and applies this on the comprehensive basis. A debit balance in the deferred tax account arising from timing differences is recognised only where there is virtual certainty of realisation.

CHANGES IN ACCOUNTING POLICIES

There have been no changes in the above Accounting Policies during the year.



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🏭 Certification of Financial Statements for Nelson Electricity Limited (continued from previous page)

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Financial Statements, Certification, Electricity, Nelson Electricity Limited