✨ Financial Accounting Policies
2192 NEW ZEALAND GAZETTE No. 80
(d) Current Assets
Accounts receivable are valued at expected realisable value less provision for doubtful debts.
(e) Fixed Assets
All fixed assets were revalued at 1 July 1993 by Directors on the basis of net present values of future cashflows. This valuation was confirmed as appropriate by Southpac Corporation Limited.
(f) Depreciation
For financial accounting purposes depreciation has been charged so as to write off the cost or valuation of depreciable fixed assets on a straight line basis over their estimated useful lives.
For the major classes of fixed assets, rates used are as follows:
| Dams | 1% of cost |
| Buildings | 1% of cost |
| Machinery and Plant | 2.5% of cost |
(g) Taxation
The Company is subject to taxation under the Income Tax Act 1976.
Taxation is provided in the financial statements on the basis of the estimated taxation payable, after taking advantage of all available deductions and concessions.
Deferred taxation is calculated using the liability method, partial basis.
(h) Goods and Services Tax
These accounts are prepared exclusively of GST except for accounts receivable and accounts payable which are GST inclusive.
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VUW Te Waharoa —
NZ Gazette 1995, No 80
NZLII —
NZ Gazette 1995, No 80
✨ LLM interpretation of page content
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Dunedin Electricity Ltd Contracting Business Balance Sheet
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🏭 Trade, Customs & IndustryBalance Sheet, Financial Performance, Assets, Liabilities, Shareholder Funds, Dunedin Electricity Ltd