✨ Financial Statements Notes
3284 NEW ZEALAND GAZETTE No. 135
2.8 NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
For the Year Ended 31 March 1998
1. STATEMENT OF ACCOUNTING POLICIES
Special Purpose Financial Statements
These financial statements are made pursuant to Power New Zealand Limited’s obligations under the Electricity (Information Disclosure) Regulations 1994 to report separate financial results in respect of its line, energy and generation business activities. They are in addition to the company’s financial statements published pursuant to the company’s obligations under the Companies Act 1993 and the Financial Reporting Act 1993.
These are the fourth financial statements prepared by Power New Zealand Limited pursuant to Regulations 13, 15 and 16.
The Network Business Unit is treated as the core business activity and corporate activities are accounted for through the Network, Energy and Generation Business Unit financial statements.
Generation commenced at the Rotokawa power station in the reporting period. This is a joint venture project between Power New Zealand Limited and the Tauhara North Number 2 Trust.
Separate reporting of the company’s generation interests is now required by the Electricity (Information Disclosure) Regulations 1994. No comparative figures for the last financial year feature in these financial statements as production only commenced in the current year.
In these statements Power New Zealand Limited has adopted the costs and revenue allocation methodology stipulated in the Guidelines to the Regulations in most respects. All departures from the Guidelines are described in the Power New Zealand Limited Information Disclosure No. 22.
General Accounting Policies
The general accounting principles as recommended by the Institute of Chartered Accountants of New Zealand for the measurement and reporting of operating surplus on a historical cost basis have been followed by the group with the exception of Distribution Network System Assets which have been revalued to their Optimised Deprival Value (ODV) in accordance with the treatment outlined in the Electricity Disclosure Guidelines. This is more fully explained within the particular accounting policy for Fixed Assets.
Particular Accounting Policies
The following particular accounting policies which materially affect the measurement of the financial performance and position have been applied:
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VUW Te Waharoa —
NZ Gazette 1998, No 135
NZLII —
NZ Gazette 1998, No 135
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Statement of Movements in Equity
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💰 Finance & RevenueEquity, Financial Movements, Net Surplus, Revaluation Reserve, Distribution to Owners
💰 Notes to Financial Statements
💰 Finance & RevenueAccounting Policies, Special Purpose, Financial Statements, Electricity Regulations