New Zealand Gazette – 1997 – No. 118

Page 2799

✨ Financial Statements Notes

8 SEPTEMBER NEW ZEALAND GAZETTE 2799

(e) Inventory
Inventory is stated at the lower of cost and net realisable value.

In arriving at net realisable value an allowance is made for deterioration and obsolescence.

(f) Research and Development Expenditure
Research and development expenditure is charged to expense as incurred.

(g) Revenue Recognition
Income from electricity sales includes an estimated amount for accrued electricity sales from meters unread at balance date.

(h) Changes in Accounting Policies
There have been no changes in accounting policies.

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VUW Te Waharoa — NZ Gazette 1997, No 118

NZLII — NZ Gazette 1997, No 118

The General Assembly Library (on the right) was completed in 1899 and survived the 1907 fire. Now the oldest remaining original Parliament building, still used as the Parliamentary Library.

✨ LLM interpretation of page content

💰 Notes to and Forming Part of the Financial Statements (continued from previous page)

Domain💰 Finance & Revenue
KeywordsInventory, Net Realisable Value, Deterioration, Obsolescence, Research and Development, Revenue Recognition, Electricity Sales, Accounting Policies

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Additional Sources

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