✨ Financial Statements Notes
9 SEPTEMBER NEW ZEALAND GAZETTE 2827
(c) Goods & Services Tax (GST)
The statement of financial performance has been prepared so that all components are stated exclusive of GST. All items in the statement of financial position are stated net of GST, with the exception of receivables and payables which include GST invoiced.
(d) Fixed Assets
All fixed assets are stated at cost to the group less accumulated depreciation where applicable.
Costs for internally constructed assets comprise direct labour, materials and a proportion of production overheads based on a normal level of activity.
(e) Depreciation
Depreciation is provided on all fixed assets, other than freehold land, at rates calculated to allocate the assets cost over their estimated useful life.
Depreciation is charged as follows:
Dams, Headworks & Canals 1% straight line
Reticulation Network 3-5.5% straight line
Buildings 1-2.5% straight line
Plant & Equipment and 20% diminishing
Motor Vehicles value or 5.5-7% straight line
Gains and losses on disposal of fixed assets are taken into account in determining the operating result for the period.
(f) Investments
Investments are stated at cost.
The accounting treatment of the investment in the Tauranga Joint Generation Committee trading as Kaimai Hydropower is detailed in Note 10.
(g) Revenue Recognition
Revenues from electricity sales include an accrual for units sold but not billed at balance date.
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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