✨ Financial Statements Notes
NEW ZEALAND GAZETTE
12 AUGUST
HAWKE'S BAY POWER DISTRIBUTION LIMITED AND SUBSIDIARY NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 1997
f) Work in Progress
Work in progress includes the cost of materials and other direct and indirect costs incurred as at balance date.
g) Recognition of Income
Sales of electricity are determined on the basis of actual and interim amounts billed during the year, together with an accrual for unbilled sales as at balance date.
h) Income Tax
The income tax expense charged to the statement of financial performance includes both the current year's provision and the income tax effects of timing differences calculated using the liability method.
Tax effect accounting has been applied on a comprehensive basis to all timing differences. A debit balance in the deferred tax account, arising from timing differences or income tax benefits from income tax losses, is only recognised if there is virtual certainty of realisation.
i) Financial Instruments
Financial instruments are limited to bank balances, bank investments, receivables, accounts payable and term debt, all of which are included in the accounts at their estimated fair value.
Changes in Accounting Policies
There were no changes in accounting policies during the year.
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VUW Te Waharoa —
NZ Gazette 1997, No 87
NZLII —
NZ Gazette 1997, No 87
✨ LLM interpretation of page content
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Notes to Financial Statements for Hawke's Bay Power Distribution Limited
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