New Zealand Gazette – 1995 – No. 91

Page 2780

✨ Financial Statements Notes



2780 NEW ZEALAND GAZETTE No. 91

TRUSTPOWER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 1995

NOTE 1: STATEMENT OF ACCOUNTING POLICIES (continued)

(c) Investments

Investments are stated at cost.

Income received from Kaimai Hydropower is recognised by way of a rebate deducted from electricity purchases.

(d) Revenue Recognition

Revenues from electricity sales include an accrual for units sold but not billed at balance date.

(e) Income Tax

The income tax expense charged to the statement of financial performance includes both the current year’s provision and the income tax effects of timing differences calculated using the liability method.

Tax effect accounting has been applied on a comprehensive basis to all timing differences.

(f) Receivables

Receivables are stated at their estimated realisable value after adequate provision for doubtful debts.

(g) Inventories and Work in Progress

Inventories are valued at the lower of weighted average cost or net realisable value.

Work in progress is valued at cost comprising direct labour, materials and a proportion of production overheads based on a normal level of activity.



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✨ LLM interpretation of page content

🏭 TrustPower Limited Financial Performance Statements (continued from previous page)

🏭 Trade, Customs & Industry
Financial Performance, Revenue, Income Tax, Retained Earnings, Dividends, TrustPower