✨ Financial Statements
9 OCTOBER
NEW ZEALAND GAZETTE
3553
WEL ENERGY GROUP LIMITED
LINES BUSINESS
Statement of Accounting Policies
For the Year Ended 31 March 1995
These financial statements are prepared and presented in accordance with the Electricity (Information Disclosure) Regulations 1994.
A. General Accounting Policies
The general accounting policies recognised as appropriate for the measurement and reporting of results and the financial position have been followed in the preparation of these financial statements.
The historical cost method, as modified by the revaluation of certain assets has been followed.
The Electricity Disclosure Guidelines have been followed in the preparation of these financial statements.
B. Particular Accounting Policies
The particular accounting policies which have a significant effect on the financial performance and financial position are as follows:
(a) Income Tax
The income tax expense charged to the Statement of Financial Performance includes both current and deferred tax. Deferred tax is calculated using the liability method, and is accounted for using the comprehensive basis, except that deferred tax is not provided on asset revaluations of the distribution system.
(b) Trade Debtors
Trade debtors are stated at their estimated realisable value after adequate provision for doubtful debts. Bad debts are written off in the period they are identified.
(c) Revenue Recognition
Line revenues include an accrual for charges incurred by customers but not billed at balance date.
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VUW Te Waharoa —
NZ Gazette 1995, No 112
NZLII —
NZ Gazette 1995, No 112
✨ LLM interpretation of page content
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Financial Performance Statement for WEL Energy Group Limited
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🏭 Trade, Customs & IndustryFinancial Performance, Revenue, Expenses, Profit, Taxation, Dividends, WEL Energy Group Limited