✨ Financial Statement Disclosure
NEW ZEALAND GAZETTE
No. 89
Electro Power Limited
Line Business
Statement Of Accounting Policies
- BASIS OF REPORTING
The financial statements of Electro Power Limited have been drawn up in accordance with the requirements of Regulation 6 of the Electricity (Information Disclosure) Regulations 1994.
- GENERAL ACCOUNTING POLICIES
The general accounting principles recognised as appropriate for the measurement and reporting of earnings and financial position on a historical cost basis are followed by the Company. Accrual accounting is used to match expenses and revenues. Reliance is placed on the fact that the Company is a going concern.
- PARTICULAR ACCOUNTING POLICIES
The following particular accounting policies which materially affect the measurement of profit and the financial position have been applied:
(a) Income Recognition
i. Electricity Sales:
Electricity sales recognise actual amounts billed during the financial year, together with an adjustment for the value of unread meters, both at the beginning and end of the financial year.
ii. Capital contributions from consumers:
Capital contributions received from consumers are included as income in the Statement of Financial Performance.
(b) Fixed Assets
Fixed assets are valued at the cost at which they were purchased from the Palmerston North City Council on 31 December 1992, adjusted for subsequent additions, disposals and depreciation.
(c) Depreciation
Depreciation is calculated to write off the cost of the fixed assets over their expected useful lives.
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VUW Te Waharoa —
NZ Gazette 1995, No 89
NZLII —
NZ Gazette 1995, No 89
✨ LLM interpretation of page content
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Financial Statement Disclosure for Electro Power Limited
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