New Zealand Gazette – 1998 – No. 121

Page 2920

✨ Financial Statements and Accounting Policies



NEW ZEALAND GAZETTE

No. 121

Depreciation

Depreciation is charged against all fixed assets, with the exception of freehold land on a straight line basis at rates which amortise the cost or revalued amount of each asset over their estimated economic lives.

The main bases are periods not exceeding:-

  • Leasehold Land and Buildings 14 Years
  • Buildings 20 Years
  • Distribution Network and Equipment 80 Years
  • Motor Vehicles 5 Years
  • Fixtures and Fittings 5 Years

Taxation

The charge against income for taxation is the total estimated liability in respect of the accounting profit reported for the period after deduction of all tax incentives available and includes any adjustments in respect of prior years. The net effect of timing differences between accounting and taxable profits is shown as deferred taxation, calculated by using the liability method applied on a comprehensive basis and may be payable / receivable in the future.

Valuation of Inventories

Inventories are valued at the lower of cost (FIFO or weighted average) or net realisable value on a basis consistent with the previous year. An allowance for obsolescence has been assessed on inventories where appropriate.

Changes in Accounting Policies

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

Internal Sales

Due to the separation of the distribution business from the other contestable business areas, internal transactions between business areas have not been eliminated.



Next Page →

PDF embedding disabled (Crown copyright)

View this page online at:


VUW Te Waharoa — PDF NZ Gazette 1998, No 121


NZLII — PDF NZ Gazette 1998, No 121




✨ LLM interpretation of page content

🌾 Financial Statements by Pipeline Owners (continued from previous page)

🌾 Primary Industries & Resources
Financial Statements, Assets, Liabilities, Enerco New Zealand Limited

💰 Depreciation Policy

💰 Finance & Revenue
Depreciation, Fixed Assets, Leasehold Land, Buildings, Distribution Network, Motor Vehicles, Fixtures and Fittings

💰 Taxation Policy

💰 Finance & Revenue
Taxation, Income Tax, Tax Liability, Tax Incentives, Deferred Taxation, Timing Differences

💰 Valuation of Inventories

💰 Finance & Revenue
Inventories, Valuation, Cost, Net Realisable Value, Obsolescence

💰 Changes in Accounting Policies

💰 Finance & Revenue
Accounting Policies, No Changes

💰 Internal Sales

💰 Finance & Revenue
Internal Sales, Internal Transactions, Distribution Business, Contestable Business Areas