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New Zealand Gazette – 1995 – No. 78

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✨ Financial Accounting Policies

2148 NEW ZEALAND GAZETTE No. 78

TAUPO ELECTRICITY LIMITED

Statement of Accounting Policies (cont)

Income Determination

Sales of Electricity

Sales of Electricity include all amounts billed during the financial year as determined by meter readings or estimated meter readings and includes an estimate of unbilled sales accrued to 31 March for all customers.

Interest Income

Interest Income is recognised as earnings when received or accrued in respect of the financial year in which it was earned.

Other Income

Other Income includes all invoiced sales (other than electricity sales) which have been earned in the financial year. Other income includes contracting and service main installation work incidental to the electricity purchase, distribution and retail business.

Leasing Commitments

Expenditure arising from operating leasing commitments is written off to earnings in the financial year in which it is incurred.

Depreciation

Depreciation of fixed assets and buildings is provided on a straight line basis at rates that allocate as fairly as possible the depreciable amount over the asset’s useful life and after due allowance has been made for any expected residual value.

	Line Business	Other Businesses
	1995	1995
	%	%
Electricity Distribution Assets	4	-
Control Room	10	-
Motor Vehicles	20	20
Office Buildings	2	2
Tools and Equipment	20	20
EDP Equipment	33	33
Furniture and Fittings	15	15
Communications and Radio Telephones	20	20
Hydro Generation	-	2 to 20

Land is not depreciated.

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VUW Te Waharoa — NZ Gazette 1995, No 78

NZLII — NZ Gazette 1995, No 78

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

🏭 Statement of Accounting Policies for Taupo Electricity Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsAccounting Policies, Financial Statements, Taupo Electricity Limited, Income Determination, Sales of Electricity, Interest Income, Other Income, Leasing Commitments, Depreciation, Fixed Assets, Straight Line Depreciation, Residual Value

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