✨ Financial Statement Disclosure
NEW ZEALAND GAZETTE
No. 89
Electro Power Limited
Line Business
Statement Of Accounting Policies
(g) Taxation
The taxation expense charged against profit for the year includes both current and deferred tax and is calculated after allowing for permanent differences.
Deferred taxation is calculated using the liability method applied on a partial basis. Deferred taxation arises from amounts of income or expenditure declared for taxation purposes in periods different from those in which they are dealt with in the financial accounts. By recognising these timing differences, the taxation charged in the accounts is directly related to profits reported. Future taxation benefits attributable to timing differences carried forward are recognised in the financial statements only where there is virtual certainty that the benefit of the timing differences will be utilised by the Company.
(h) Financial Instruments
Financial instruments entered into as hedges of an underlying exposure are accounted for on the same basis as the underlying exposure.
Financial instruments entered into with no underlying exposure are accounted for on a mark to market basis.
4. CHANGES IN ACCOUNTING POLICIES
There have been no material changes in accounting policies during the period. All accounting policies have been applied on a consistent basis throughout the period.
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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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