✨ Financial Statement Accounting Policies
9 OCTOBER NEW ZEALAND GAZETTE 3571
WEL ENERGY GROUP LIMITED
ENERGY 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 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.
(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
Electricity sales include an accrual for units sold 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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Statement of Accounting Policies for WEL Energy Group Limited
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🏭 Trade, Customs & IndustryAccounting Policies, Financial Statements, Income Tax, Trade Debtors, Revenue Recognition, WEL Energy Group Limited