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New Zealand Gazette – 1996 – No. 173

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✨ Financial Statements Notes

4546

NEW ZEALAND GAZETTE
TRANS POWER NEW ZEALAND LIMITED GROUP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 1996

No. 173

(b) Revenue

Revenue shown in the Statement of Financial Performance comprises the amounts received and receivable by the Group for transmission services and lease revenue. Dividends received and interest income from investments are included within net finance costs.

The Statement of Financial Performance and the Statement of Cash Flows have 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) Current Assets

Receivables are stated at their estimated net realisable value.

Stocks are valued at the lower of cost, calculated on the weighted average cost basis, or estimated net realisable value.

(e) Investments

Investments are recorded at the lower of cost or net realisable value.

(f) Fixed Assets

Modified Historical Cost Measurement

Fixed assets are recorded at the most recent valuation, adjusted by subsequent additions, disposals and depreciation. Valuations are carried out each year by, or under the guidance of, independent experts using the optimised deprival valuation methodology (ODV).

Under modified historical cost the annual revaluation for the year, reflecting the difference between the net carrying value of the assets and the ODV value, is recorded in the asset revaluation reserve. The net carrying value is determined after writing any accumulated depreciation or infrastructure asset service potential adjustment back against the asset value.

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VUW Te Waharoa — NZ Gazette 1996, No 173

NZLII — NZ Gazette 1996, No 173

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✨ LLM interpretation of page content

🏭 Notes to the Financial Statements for Trans Power New Zealand Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated5 November 1996
KeywordsFinancial Statements, Accounting Policies, Revenue, GST, Current Assets, Investments, Fixed Assets, Modified Historical Cost Measurement

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