✨ Financial Statements Notes
2826
NEW ZEALAND GAZETTE
No. 111
TRUSTPOWER LIMITED
Notes to the Financial Statements
For the 12 months ended 31 March 1996
Note 1: Statement of Accounting Policies
The financial statements presented here are for the line business, energy business and generation business for the reporting entity TrustPower Limited. On 31 March 1996 the operating subsidiaries Taupo Electricity Ltd, Taupo Generation Ltd and Rotorua Electricity Ltd were amalgamated into the holding company using the short form method.
The financial statements have been prepared in accordance with the regulation 6(2) and 6(3) of the Electricity (Information Disclosure) Regulations 1994.
The financial statements have been prepared on the basis of historical cost with the following specific accounting policies:
(a) Accounting for Acquisitions
The holding in Rotorua Electricity Ltd increased throughout the period from 67.7% at 31 March 1995 to 100% by 12 March 1996 when compulsory acquisition of the remaining shareholding took place. The minority interest recorded in the Statements of Financial Performance represent the minority interest in the result. These minority interests were subsequently purchased by the holding company.
Taupo Electricity Ltd and Taupo Generation Ltd were purchased on 6 September 1995. In accordance with Regulation 20 of the Electricity (Information Disclosure) Regulations 1994, Amendment No 1 their results have been included as if the acquisition had taken effect at the beginning of the year. Accordingly opening balances have been adjusted and do not agree to the closing balances disclosed in TrustPower Limited’s Electricity Disclosure financial statements for the year ended 31 March 1995.
Where necessary, accounting policies for subsidiaries have been changed to ensure consistency with the policies adopted by the holding company.
(b) Goodwill
Goodwill, representing the excess of the cost of shares in a subsidiary over the fair value of the net assets acquired at the date of acquisition, is shown as an intangible asset. Goodwill is amortised on a straight line basis over the period of expected benefit. This period has been assessed as 20 years from the date of acquisition. The carrying amount of goodwill is reviewed annually by the directors and adjusted where it is considered necessary.
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VUW Te Waharoa —
NZ Gazette 1996, No 111
NZLII —
NZ Gazette 1996, No 111
✨ LLM interpretation of page content
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TrustPower Limited Statutory Declaration
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🏭 Trade, Customs & Industry9 September 1996
Electricity, Information Disclosure, Regulations, TrustPower, Financial Statements, Performance Measures