✨ Financial Statements Notes
NEW ZEALAND GAZETTE
No. 86
HAWKE’S BAY POWER DISTRIBUTION LIMITED AND SUBSIDIARY
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 1995 (Continued)
e) Work in Progress
Work in progress includes the cost of materials and other direct and indirect costs incurred as at balance date.
f) Recognition of Income
Sales of electricity are determined on the basis of actual and interim amounts billed during the year, together with an accrual for unbilled sales as at balance date.
g) Income Tax
The income tax expense (benefit) charged against the profit (loss) for the year is the estimated liability (benefit) in respect of that profit (loss) and is calculated after allowance for permanent differences.
The Company uses the liability method of accounting for deferred taxation and applies this on a comprehensive basis. Future tax benefits attributable to tax losses or timing differences are only recognised when there is virtual certainty of realisation.
Changes in Accounting Policies
There have been no changes in accounting polices during the current period. All policies have been applied on a consistent basis.
Next Page →
PDF embedding disabled (Crown copyright)
View this page online at:
VUW Te Waharoa —
NZ Gazette 1995, No 86
NZLII —
NZ Gazette 1995, No 86
✨ LLM interpretation of page content
🏭
Notes to Financial Statements for Hawkes Bay Power Distribution Limited
(continued from previous page)
🏭 Trade, Customs & Industry10 August 1995
Financial Statements, Accounting Policies, Electricity Regulations, Hawkes Bay Power