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New Zealand Gazette – 1998 – No. 110

Page 2711

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✨ Financial Statements Notes

11 AUGUST NEW ZEALAND GAZETTE 2711

CENTRALPOWER GROUP

Line Business and Electricity Retailing

Notes to and forming part of the Financial Statements

For the Year Ended 31 March 1998

Statement of Accounting Policies

Basis of Reporting

The financial statements presented here are for the reporting entities, being the Line Business and Electricity Retailing businesses of CentralPower Group.

The financial statements have been prepared in accordance with the requirements of the Electricity (Information Disclosure) Regulations 1994.

Measurement Base

The accounting principles recognised as appropriate for the measurement and reporting of financial performance and financial position on a historical cost basis are followed by the Group with the exception that certain fixed assets have been revalued.

a) Revenue Recognition

Electricity sales represent customer usage during the reported period. An allowance (which is not expected to vary by greater than 10% from actual billings), has been made for unbilled electricity sales (unread meters and unbilled line charges).

Contract revenue is recognised using the percentage of completion method where revenue can be reliably estimated. Where revenue is unreliable, contract revenue is recognised at completion of the contract.

b) Investments

Short-term deposits are stated at cost.

Long-term investments are stated at cost, and investments held for resale are stated at the lower of cost and net realisable value.

Investments in associated companies are accounted for on an equity basis.

c) Fixed Assets

Land and buildings are initially recorded at cost. Land and buildings are subsequently revalued to net current value or, where the land and building are for resale, to the lower of cost and net realisable value as determined by an independent valuer.

Network assets are revalued to Optimised Deprival Value (ODV) as determined by an independent valuer.

All other fixed assets are recorded at cost.

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VUW Te Waharoa — NZ Gazette 1998, No 110

NZLII — NZ Gazette 1998, No 110

Parliament House (depicted) was completed in 1918 and remains the primary seat of Parliament.

✨ LLM interpretation of page content

🏭 Information Disclosure by CentralPower Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsElectricity, Financial Statements, Line Business, Retailing, CentralPower Group

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