✨ Financial Statements Disclosure
2582
NEW ZEALAND GAZETTE
No. 110
Statement of Accounting Policies
Reporting entity
For the reporting period Southpower Limited was a company registered under the Companies Act 1955. Certain related companies had been re-registered under the Companies Act 1993. The company was reregistered after balance date on 27 June 1997.
Measurement base
The accounting principles recognised as appropriate for the measurement and reporting of financial performance and financial position on an historical cost basis are followed, with the exception that certain fixed assets have been revalued.
Special purpose financial statements
These financial statements have been prepared for the purpose of complying with the requirements of the Electricity (Information Disclosure) Regulations 1994 ("Regulations").
Allocations of the costs, revenues, assets and liabilities of Southpower Limited have been made in accordance with the avoided cost principle.
This approach defines the line business as Southpower's core business, and makes an assessment of the costs, revenues, assets and liabilities that would be avoided by the line business if all non-core businesses were to cease operation. The costs, revenues, assets and liabilities that would be avoided are allocated to those non-core businesses. Costs, revenues, assets and liabilities that would not be avoided are allocated to the line business.
A description of this process is also contained within Southpower's publicly-available "Disclosure of Methodologies for Allocation of Costs, Revenues, Assets and Liabilities", as required by Regulation 19.
Following the apportionment of parent company costs, revenues, assets and liabilities on this basis, the financial results for those group companies for which disclosure is also required pursuant to these Regulations have been incorporated.
Specific accounting policies
The following specific accounting policies which materially affect the measurement of financial performance and financial position are applied:
(a) Electricity and line services sales
Sales recognise actual amounts billed during the financial years, together with an adjustment for the value of unread meters, both at the beginning and end of the financial years.
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VUW Te Waharoa —
NZ Gazette 1997, No 110
NZLII —
NZ Gazette 1997, No 110
✨ LLM interpretation of page content
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Southpower Limited Information Disclosure under Electricity Regulations
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🏭 Trade, Customs & IndustryElectricity, Information Disclosure, Regulations, Financial Statements, Accounting Policies, Southpower Limited