New Zealand Gazette – 1995 – No. 140

Page 4573

✨ Financial Statements

27 NOVEMBER NEW ZEALAND GAZETTE

Revenue expenditure is defined as expenditure which restores an asset to its original condition and all expenditure incurred in maintaining and operating ECNZ.

Hydrology Reserve

Variances against planned fuel costs, to the extent that they have arisen from hydrological conditions, are applied to the hydrology reserve.

Movements to and from the reserve are an appropriation, rather than a charge against the statement of financial performance.

Employee Entitlements

Provision has been made for annual, long service and retirement leave entitlements estimated to be payable to employees on the basis of statutory and contractual requirements. The provision for long service and retirement leave is based on an actuarial estimate.

Insurance

ECNZ’s fixed assets are predominantly concentrated at power station locations which have the potential to sustain major losses through damage to plant and resultant consequential costs.

To minimise the financial impact of such exposures, the assessed risk is transferred to insurance companies by taking out appropriate policies.

Any uninsured loss is charged to the statement of financial performance in the year in which the loss is incurred.

Early Adoption of Accounting Determinations

ECNZ has applied the following reporting standards before the application date contained in those financial reporting standards:- FRS-2 Presentation of Financial Reports and FRS-9 Information to be disclosed in Financial Statements.

Changes in Accounting Policies

There have been no changes in accounting policies during the year ending 30 June 1995. All accounting policies have been applied on bases consistent with those used in the previous period.

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VUW Te Waharoa — NZ Gazette 1995, No 140

NZLII — NZ Gazette 1995, No 140

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✨ LLM interpretation of page content

🏭 Financial Statements of Electricity Corporation of New Zealand Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsElectricity, Financial Statements, Accounting Policies, Regulations, Disclosure

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Additional Sources

Wellington City Recollect have made available a comprehensive and excellent-quality scan of the Wellington Provincial Gazette which was used to fill in a number of issues missing from Victoria University's Gazette Archive; in particular, all 1856 issues, issues 22-34 for 1864 and issues 9-19 for 1870.
27 issues of The New Zealand Advertiser and Bay of Islands Gazette (1840) were sourced from Papers Past (public domain).
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