New Zealand Gazette – 1998 – No. 109

Page 2695

✨ Financial Statements Notes



7 AUGUST NEW ZEALAND GAZETTE 2695

HAWKE'S BAY POWER DISTRIBUTION LIMITED AND SUBSIDIARY

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 1998

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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✨ LLM interpretation of page content

🏭 Notes to Financial Statements of Hawke's Bay Power Distribution Limited (continued from previous page)

🏭 Trade, Customs & Industry
14 July 1998
Financial Statements, Notes, Accounting Policies, Electricity, Hawke's Bay