New Zealand Gazette – 1997 – No. 165

Page 3900

✨ Financial Statements Notes



NEW ZEALAND GAZETTE

No. 165

TRANSPOWER NEW ZEALAND LIMITED GROUP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 1997

(c) Goods and Services Tax (GST)

The Statements of Financial Performance and the Statements of Cash Flows have been prepared so that all components are stated exclusive of GST. All items in the Statement of Financial Position are stated net of GST with the exception of receivables and payables which include GST invoiced.

(d) Current Assets

Receivables are stated at their estimated net realisable value.

Short term investments are recorded at their original cost which is adjusted for the amortisation of premiums and accrual of discounts to maturity.

Stocks of materials are valued at the lower of cost, calculated on the weighted average cost basis, or estimated net realisable value.

(e) Investments

Investments in subsidiaries are recorded at net tangible asset value. Other investments are recorded at the lower of cost or net realisable value.

(f) Fixed Assets

Modified Historical Cost Measurement

Fixed assets are recorded at the most recent valuation, adjusted by subsequent additions, disposals and depreciation. Valuations are carried out each year by, or under the guidance of, independent experts using the optimised deprival valuation methodology (ODV).

Under modified historical cost the annual revaluation for the year, reflecting the difference between the net carrying value of the assets and the ODV value, is recorded in the asset valuation reserve. The net carrying value is determined after writing any accumulated depreciation or infrastructure asset service potential adjustment back against the asset value.

Upon the disposal or write off of a non infrastructure asset the revaluation increment or decrement relevant to that asset is transferred from the revaluation reserve to retained earnings.

The physical disposal or write off of individual component assets that form the infrastructure asset is only recognised in the financial statements where the operating capacity of the infrastructure asset has decreased.



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