New Zealand Gazette – 1997 – No. 97

Page 2265

✨ Financial Accounting Policies



20 AUGUST NEW ZEALAND GAZETTE 2265

WEL ENERGY GROUP LIMITED

Expenditure

Where a segment of the company performs line or energy business activities in addition to other functions each item of expenditure incurred by that segment has been allocated to the line or energy business in proportion to the total level of line or energy business activity undertaken by the segment.

Bank Balances

All monies are managed centrally with each segment maintaining a current account with Corporate. Allocating bank balances directly has resulted in no bank balances being shown within the line or energy businesses.

Electricity Debtors

Electricity debtors have been allocated to the line and energy businesses consistent with the proportion of line or energy revenue to total line and energy revenue.

Inventory / Work in Progress

Inventory / work in progress attributable to both the line or energy business and other activities have been allocated to the line and energy business in proportion to the level of direct expenditure incurred by the line or energy business.

Fixed Assets

Fixed assets used by both the line or energy business and another activity have been allocated to the line or energy business in proportion to the level of use of those assets (where this is not known the level of expenditure is used as a proxy).

Creditors

Creditors not directly attributable to the line or energy business have been allocated in proportion to the expenditure allocation as noted above.

Provision for Annual and Long Service Leave

The amount of the provision attributable to employees working on both the line or energy business and other activities has been allocated to the line or energy business in proportion to wages expenditure.

Except for line losses, where a departure has occurred for the reason explained in note 2, the Directors consider the principles outlined above are in accordance with the methodologies set out in the Electricity Disclosure Guidelines.

C.

Changes in Accounting Policy

There have been no changes in accounting policies during the year.



Next Page →

PDF embedding disabled (Crown copyright)

View this page online at:


VUW Te Waharoa — PDF NZ Gazette 1997, No 97


NZLII — PDF NZ Gazette 1997, No 97




✨ LLM interpretation of page content

🏭 Statement of Accounting Policies for WEL Energy Group Limited (continued from previous page)

🏭 Trade, Customs & Industry
Accounting Policies, Financial Statements, Electricity, WEL Energy Group, Fixed Assets, Depreciation, Line and Energy Business Split