✨ Financial Statements
MercuryEnergy
Mercury Energy Limited and Subsidiaries
Notes to and forming part of the financial statements for the year ended 31 March 1997 continued
1. STATEMENT OF ACCOUNTING POLICIES continued
e) Accounts Receivable
Receivables are valued at their estimated realisable value.
f) Income Tax
The income tax expense charged to the statement of financial performance includes both the current year's provision and the income tax effects of timing differences calculated using the liability method. Tax effect accounting is applied on a comprehensive basis to all timing differences. A debit balance in the deferred tax account, arising from timing differences or income tax benefits from income tax losses, is only recognised if there is virtual certainty of realisation.
g) Stores
Stores are valued on the basis of weighted average cost price.
h) Leases
Group entities lease certain land and buildings.
Operating lease payments, where the lessors effectively retain substantially all the risks and benefits of ownership of the leased assets, are included in the determination of the operating profit in equal instalments over the lease term.
The cost of improvements to leasehold property is capitalised, disclosed as leasehold improvements, and amortised over the unexpired period of the lease or the estimated useful life of the improvements, whichever is shorter.
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VUW Te Waharoa —
NZ Gazette 1997, No 117
NZLII —
NZ Gazette 1997, No 117
✨ LLM interpretation of page content
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Mercury Energy Limited Statement of financial position
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial Statements, Equity, Electricity, Mercury Energy Limited, 1997, 1996