✨ Financial Statements
20 AUGUST NEW ZEALAND GAZETTE 2283
TASMAN ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
1. STATEMENT OF ACCOUNTING POLICIES
REPORTING ENTITY
Tasman Energy Limited is a public company registered under the Companies Act 1955.
Tasman Energy Limited is an issuer for the purposes of the Financial Reporting Act 1993.
The consolidated financial statements are for the group comprising Tasman Energy Limited and its subsidiaries and have been prepared pursuant to the Energy Companies Act 1992 and in accordance with the requirements of the Companies Act 1955 and the Financial Reporting Act 1993.
These accounts have been prepared in accordance with the Electricity (Information Disclosure) Regulations 1994. Line Business and Other Business separation are as per regulation 6 of these regulations.
MEASUREMENT BASE
The financial statements have been prepared on the basis of historical cost with the exception of certain items for which specific accounting policies are disclosed.
The assets and liabilities of Tasman Energy Limited were vested from the Tasman Electric Power Board on 1 May 1993 in accordance with the Establishment Plan approved by the Governor General by Order of Council on 26 April 1993.
SPECIFIC ACCOUNTING POLICIES
The following specific accounting policies which materially affect the measurement of financial performance and the financial position have been applied.
(a) Basis of Consolidation
No inter business transaction between the Line and Other businesses have been eliminated.
(b) Recognition of Revenue
Electricity meters are read on the basis of constant cycles each year. Sales of electricity include an estimated amount for accrued sales from meters unread as at 31 March 1997.
(c) Goods and Services Tax (GST)
The Statement of Financial Performance has been prepared so that all components are stated exclusive of GST. All items in the Statement of Financial Position are stated net of GST with the exception of receivables and payables which include GST invoiced.
(d) Fixed Assets
All fixed assets are initially recorded at cost.
Freehold land and buildings were subsequently revalued on 1 April 1991 to government valuation dated October 1990.
Distribution system assets have been revalued in the current year to a carrying value which equates to 80% of Optimised Deprival Value (ODV) as assessed by Catherall Taylor Associates.
Motor vehicles are valued at book values established in April 1987, plus additions at cost less depreciation.
Plant and equipment and computer equipment are valued at cost less depreciation.
(e) Taxation
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 is applied on a partial basis. That is, the deferred tax effect of timing differences is recognised to the extent that the aggregate timing differences are expected to reverse in the foreseeable future. The tax effect of timing differences not recognised in the Statement of Financial Position is
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VUW Te Waharoa —
NZ Gazette 1997, No 98
NZLII —
NZ Gazette 1997, No 98
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Tasman Energy Limited Financial Certification
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🏭 Trade, Customs & Industry1 August 1997
Electricity, Financial Statements, Performance Measures, Regulations, Tasman Energy