New Zealand Gazette – 1995 – No. 101

Page 3188

✨ Financial Statements

NEW ZEALAND GAZETTE

No. 101

(vii) INCOME TAX

The provision for income tax is calculated using the liability method prepared on a comprehensive basis. A debit balance in the deferred tax account arising from timing differences or income tax benefits arising from income tax losses is only recognised if there is virtual certainty of realisation.

(viii) FINANCIAL INSTRUMENTS

Egmont Electricity Limited is party to financial instrument arrangements as part of its everyday operations, including both instruments which have been recognised in these financial statements and those which are off-balance sheet.

The financial instruments which have been recognised in the financial statements include bank balances, short term deposits, receivables, payables and term loans. Revenues and expenses in relation to these are recognised in the Statement of Financial Performance. The financial instruments themselves are recognised in the Statement of Financial Position.

The financial instruments which are off-balance sheet comprise interest rate swaps. These are employed for the primary purpose of reducing exposure to fluctuations in interest rates. While these financial instruments are subject to risk that market rates may change subject to acquisition, such changes would generally be offset by opposite effects on the items being hedged. For interest rate swap agreements, the differential to be paid or received is accrued as interest rates change and is recognised as a component of interest expense over the life of the agreement.

C. CHANGES IN ACCOUNTING POLICIES

As this is the first period of reporting, there have been no changes in accounting policies during the year under review.

2. SURPLUS BEFORE TAXATION AND ABNORMAL ITEMS

The Surplus Before Taxation is stated:

Twelve Months to 31/3/95

	Lines	Generation	Energy Trading
	$000	$000	$000
After Charging:
Audit Fees	36	2	6
Board Members fees and expenses	46	31	14
Depreciation	1,378	1,235	10
Interest	1,201	2,438	0
After Crediting:
Investment Income	25	1	31

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VUW Te Waharoa — NZ Gazette 1995, No 101

NZLII — NZ Gazette 1995, No 101

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✨ LLM interpretation of page content

💰 Notes to the Financial Statements for Egmont Electricity Limited (continued from previous page)

Domain💰 Finance & Revenue
KeywordsFinancial Statements, Accounting Policies, Income Tax, Financial Instruments, Egmont Electricity Limited

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