✨ Accounting Policies
20 AUGUST
NEW ZEALAND GAZETTE
2285
SPECIFIC ACCOUNTING POLICIES - Line Business
(a) Depreciation
Fixed assets have been depreciated in order to write off cost less estimated residual value over their estimated useful life on the following basis:
| Distribution System | 4% | SL |
| Buildings (revalued) | 2% | SL |
| Plant and Equipment | 20% | DV |
| Motor Vehicles | 20% | DV |
| Computer Equipment | 48% | DV |
Distribution system fixed assets have been depreciated for accounting purposes for 1997 consistent with 1996 and the revaluation of the distribution system took effect on 31 March 1997.
(b) Capital Contributions from Customers
Capital contributions from customers are credited to the Statement of Financial Performance.
(c) Inventories
The reticulation stock held for the purpose of supporting the existing distribution network is accounted for as a fixed asset.
(d) Term Liabilities
The term liabilities were valued in the accounts so as to present a market value as at 31 March 1993. The purpose of the valuation was to reflect the difference between the future contracted expense and a then current market interest rate of 8%. The valuation was independently established by Landcorp property limited, registered valuers, in their report dated 31 March 1993.
SPECIFIC ACCOUNTING POLICIES - Other Business
(a) Depreciation
Fixed assets have been depreciated in order to write off cost less estimated residual value over their estimated useful life on the following basis:
| Buildings (revalued) | 2% | SL |
| Plant and Equipment | 20% | DV |
| Motor Vehicles | 20% | DV |
| Computer Equipment | 48% | DV |
(b) Receivables
Hire purchase debtors exclude unearned interest. Total interest has been included at the time the contract was made and has been allocated over the term of the agreement using the rule of 78 method.
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VUW Te Waharoa —
NZ Gazette 1997, No 98
NZLII —
NZ Gazette 1997, No 98
✨ LLM interpretation of page content
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Tasman Energy Limited Financial Certification
(continued from previous page)
🏭 Trade, Customs & Industry1 August 1997
Electricity, Financial Statements, Performance Measures, Regulations, Tasman Energy
🏭 Specific Accounting Policies for Line Business
🏭 Trade, Customs & IndustryDepreciation, Capital Contributions, Inventories, Term Liabilities, Accounting
🏭 Specific Accounting Policies for Other Business
🏭 Trade, Customs & IndustryDepreciation, Receivables, Hire Purchase, Accounting