New Zealand Gazette – 1996 – No. 114

Page 2894

✨ Financial Statements



2894 NEW ZEALAND GAZETTE No. 114

(ii) Other Assets as listed above are depreciated using rates which write off the cost or valuation of the fixed assets over their expected economic lives as below:

Buildings 1.0% to 2.5% CP
Motor Vehicles 20.0% DV
Plant and equipment 10% to 50% DV
Furniture and fittings including computers 20% DV
Dams, headworks, penstocks etc. 1.0% CP

(c) Taxation

The taxation charge against the profit for the year is the estimated liability in respect of that profit and is calculated after allowance for permanent differences and timing differences not expected to reverse in future periods. This is the partial basis for the calculation of deferred taxation.

The Company follows the liability method of accounting for deferred taxation. Future taxation benefits attributable to losses carried forward or timing differences are recognised in the financial statements only where there is virtual certainty of realisation.

(h) Allocation Methodology

The Electricity Disclosure Guidelines (June 1994) have been followed with the exceptions stated in the Regulation 19 Disclosure.

(i) Changes in Accounting Policies

All accounting policies have been applied on a consistent basis throughout the year.

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✨ LLM interpretation of page content

💰 Financial Statements for Westpower Limited (continued from previous page)

💰 Finance & Revenue
Financial Statements, Westpower Limited, Electricity Regulations, Accounting Policies