✨ Accounting Policy Changes
Changes in Accounting Policies
As indicated above in note (f) the Company has changed its policy on deferred tax recognition in the current year. The effect of this change in policy has been to:
i) record a deferred tax liability in the statement of financial position as at 31 March 1997 of $16.123 million. A corresponding amount has been offset in the asset revaluation reserve, as shown in note 4.
ii) record a future income tax benefit of $390,338 being the taxation effect of other timing differences. A corresponding amount has been recognised in the taxation expense reported in the statement of financial performance, as shown in note 14.
There have been no other changes to accounting policies. All policies have been applied on a basis consistent with prior years.
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VUW Te Waharoa —
NZ Gazette 1997, No 180
NZLII —
NZ Gazette 1997, No 180
✨ LLM interpretation of page content
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Statement of Accounting Policies for Powerco Limited
(continued from previous page)
🏭 Trade, Customs & IndustryAccounting Policies, Financial Statements, Powerco Limited, Deferred Tax, Gas Information Disclosure Regulations