✨ Accounting Policies
16 DECEMBER NEW ZEALAND GAZETTE 4179
and payable, investments and loans which have all been recognised in the financial statements.
Revenues and expenses in relation to all financial instruments are recognised in the Statement of Financial Performance.
The following methods and assumptions were used to value each class of financial instrument.
Debtors are recorded at expected realisable value.
Investments are recorded at the lower of cost or market value.
All other financial instruments are recognised at their fair value.
(7) Fixed Assets
Land is stated at cost, all other assets are stated at cost less accumulated depreciation.
(8) Taxation
The taxation charge against the profit of the period is an estimated liability in respect of that profit after allowance for permanent differences.
The company follows the liability method of accounting for deferred taxation and applies this on the comprehensive basis. A debit balance in the deferred tax account arising from timing differences is recognised only where there is virtual certainty of realisation.
CHANGES IN ACCOUNTING POLICIES
There have been no changes in the above accounting policies during the year.
Next Page →
PDF embedding disabled (Crown copyright)
View this page online at:
VUW Te Waharoa —
NZ Gazette 1997, No 176
NZLII —
NZ Gazette 1997, No 176
✨ LLM interpretation of page content
🏭
Accounting Policies of Nelson Electricity Limited
(continued from previous page)
🏭 Trade, Customs & IndustryAccounting Policies, Financial Instruments, Fixed Assets, Taxation, Deferred Taxation