New Zealand Gazette – 1997 – No. 112

Page 2633

✨ Financial Reporting and Accounting Policies

1 SEPTEMBER
NEW ZEALAND GAZETTE
2633

4.7 Financial Instruments

Financial instruments carried on the Statement of Financial Position include cash and bank balances, investments, receivables payables and borrowings. These instruments are carried at their estimated fair value.

The company also has financial instruments with off-balance sheet risk for the primary purpose of reducing its exposure to fluctuations in electricity spot market prices. While these financial instruments are subject to risk that market rates may change subsequent to acquisition, such changes would generally be offset by opposite effects on the items being hedged.

Waitaki Power Ltd. Has entered into electricity price hedging contracts with counter parties in order to minimise the risk of price fluctuations on the electricity spot market. Assets, liabilities, and any unrealised revenues and expenses associated with these instruments as at balance date are not recognised in the financial statements. Realised revenues and expenses are not recognised in the statement of financial performance on maturity of the hedging contracts and are incorporated as part of the cost of electricity.

CHANGES IN ACCOUNTING POLICIES

5.1 A provision has been made for the first time for retirement gratuities amounting to $101,356. There have been no other changes in accounting policies

METHODOLOGY OF SEPARATION OF BUSINESS

6.1 The allocation of costs, revenues, assets and liabilities differ from that contained in the Electricity (Information Disclosure) Regulations 1994. In accordance with the regulation 19 of Electricity (Information Disclosure) Regulations 1994 Waitaki Power Limited has publicly disclosed those variations.

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VUW Te Waharoa — NZ Gazette 1997, No 112

NZLII — NZ Gazette 1997, No 112

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✨ LLM interpretation of page content

🏭 Statement of Accounting Policies for Waitaki Power Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Instruments, Fair Value, Hedging Contracts, Electricity Market, Accounting Policies, Retirement Gratuities, Methodology of Separation, Information Disclosure Regulations

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