✨ Financial Statements Notes
18 SEPTEMBER NEW ZEALAND GAZETTE 3211
(g) Joint Venture
EnergyDirect’s proportionate interest in the assets, liabilities, revenues and expenses of its joint venture, Silverstream Landfill Gas, is included in the relevant components of the electricity energy business activities financial reports.
(h) Income Taxation
The income taxation expense charged against the profit for the period is the estimated liability in respect of that profit and is calculated after allowance for permanent differences.
The comprehensive liability method of accounting for deferred taxation has been used. Future taxation benefits attributable to taxation losses or timing differences are only recognised when there is virtual certainty of realisation.
(i) Goods and Services Tax (GST)
The profit and loss statement has been prepared so that all components are stated exclusive of GST.
(j) Development Expenditure
Development expenditure has been recognised as a fixed asset to the extent that such expenditure is expected to have future benefits. Development assets will be amortised from the commencement of commercial production using relevant depreciation rates.
Changes in Accounting Policies
There have been no changes in accounting policies. All accounting policies have been applied on bases consistent with those used in the previous year.
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VUW Te Waharoa —
NZ Gazette 1995, No 101
NZLII —
NZ Gazette 1995, No 101
✨ LLM interpretation of page content
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EnergyDirect Electricity Business Financial Statements Notes
(continued from previous page)
🏭 Trade, Customs & IndustryEnergyDirect, Electricity Business, Financial Statements, Accounting Policies, Joint Venture, Income Taxation, GST, Development Expenditure