✨ Financial Statements and Accounting Policies
3152 NEW ZEALAND GAZETTE No. 126
The Company uses the liability method of accounting for deferred taxation and applies this on a comprehensive basis. Future tax benefits attributable to tax losses or timing differences are only recognised when there is virtual certainty of realisation.
(k) Leases
The Company leases certain plant and equipment and land and buildings. Expenses relating to operating leases are charged against earnings as incurred. The lease liabilities are disclosed.
The company had no finance leases during the period of the report.
(l) Research and Development Costs
Research and development costs are expensed in the period incurred. Development costs are deferred where future benefits are expected to exceed those costs. Deferred development costs are amortised over future periods on a basis related to expected future revenue.
(m) Foreign Currencies
Transactions in foreign currencies are converted at the New Zealand rate of exchange ruling at the date of the transaction.
At balance date, foreign monetary assets and liabilities are translated at the closing rate, and exchange variations arising from these translations are included in the Statement of Financial Performance.
(n) Changes in Accounting Policies
There were no significant changes in Accounting Policies.
1996 1995
Total Line Energy Total Line Energy
$000 $000 $000 $000 $000 $000
- CONTINUING AND DISCONTINUED ACTIVITIES
Continuing Activities -
Operating revenue 29,796 15,543 14,253 28,844 14,580 14,264
Operating surplus/(deficit) 2,322 2,207 115 2,467 2,109 358
Discontinued Activities -
Operating revenue 19 0 19 354 0 354
Operating surplus/(deficit) (14) 0 (14) (119) 0 (119)
Totals -
Operating revenue 29,815 15,543 14,272 29,198 14,580 14,618
Operating surplus/(deficit) 2,308 2,207 101 2,348 2,109 239
Next Page →
PDF embedding disabled (Crown copyright)
View this page online at:
VUW Te Waharoa —
NZ Gazette 1996, No 126
NZLII —
NZ Gazette 1996, No 126
✨ LLM interpretation of page content
💰
Accounting Policies for Leases, Research and Development Costs, Foreign Currencies, and Changes in Accounting Policies
(continued from previous page)
💰 Finance & RevenueAccounting Policies, Leases, Research and Development Costs, Foreign Currencies, Changes in Accounting Policies
💰 Financial Performance Summary for Continuing and Discontinued Activities
💰 Finance & RevenueFinancial Performance, Operating Revenue, Operating Surplus, Discontinued Activities