✨ Financial Accounting Policies
15 DECEMBER
NEW ZEALAND GAZETTE
4155
Statement of Accounting Policies
Reporting Entity
Enerco New Zealand Limited ("Enerco") is a company registered under the Companies Act 1993 and is listed on the New Zealand Stock Exchange.
Special Purpose Financial Statements
The financial statements have been prepared for the Gas (Information Disclosure) Regulations 1997. These financial statements should be read in conjunction with the annual report of Enerco for the year ended 31 March 1997.
The avoided cost principle has been employed by Enerco to determine the allocation of the assets, liabilities, revenues and costs.
The avoided cost principle defines Enerco’s distribution business as its core activity. An assessment has then been made as to what assets, liabilities, revenues and costs could be avoided by the distribution business.
Those costs that can be avoided are allocated to the other business activities of Enerco and those costs that could not be avoided are allocated to the distribution business.
A full description of the avoidable methodology employed by Enerco is publicly available as required by Regulation 21 of the Gas (Information Disclosure) Regulations 1997.
Measurement Base
The measurement system adopted is that of historical cost except for the revaluation of certain fixed assets.
Particular Accounting Policies
Accounts Receivable
Accounts receivable are valued at their expected realisable value. Any individual debt that is considered to be irrecoverable has been written off during the financial year. Hire Purchase debtors exclude unearned interest calculated using the "rule of 78" method.
Fixed Assets
All fixed assets are revalued at least once every three years by independent valuers in accordance with SSAP 28. Any subsequent fixed asset additions are recorded at cost until the next revaluation.
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VUW Te Waharoa —
NZ Gazette 1997, No 174
NZLII —
NZ Gazette 1997, No 174
✨ LLM interpretation of page content
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Certification of Financial Statements and Performance Measures by Enerco New Zealand Limited
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