✨ Financial Statements and Accounting Policies
22 AUGUST NEW ZEALAND GAZETTE 2375
(ii) Other Assets as listed below 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% to 40% DV |
| Dams, headworks, penstocks etc. | 2.0% to 2.5% CP|
(b) 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.
(c) Allocation Methodology
The Electricity Disclosure Guidelines (June 1994) have been followed with the exceptions stated in the Regulation 19 Disclosure.
(d) Provision for Retiring Gratuities
A provision for Retiring Gratuities of $672,147 is recognised in the Statement of Financial Position. This represents the total amount owing to staff who are eligible for and will probably receive a gratuity upon retirement.
(e) Changes in Accounting Policies
All accounting policies have been applied on a consistent basis with previous years.
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VUW Te Waharoa —
NZ Gazette 1997, No 101
NZLII —
NZ Gazette 1997, No 101
✨ LLM interpretation of page content
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Certification of Financial Statements by Westpower Limited
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🏭 Trade, Customs & IndustryFinancial Statements, Accounting Policies, Electricity, Westpower Limited