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New Zealand Gazette – 1998 – No. 147

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✨ Financial Statements Notes

3548 NEW ZEALAND GAZETTE No. 147

TASMAN ENERGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

STATEMENT OF ACCOUNTING POLICIES

REPORTING ENTITY

Tasman Energy Limited is a public company registered under the Companies Act 1993. Tasman Energy Limited is a reporting entity for the purposes of the Financial Reporting Act 1993.

The consolidated financial statements are for the group comprising Tasman Energy Limited and its subsidiaries and have been prepared pursuant to the Energy Companies Act 1992 and in accordance with the requirements of the Companies Act 1993 and the Financial Reporting Act 1993.

These accounts have been prepared in accordance with the Electricity (Information Disclosure) Regulations 1994. Line Business and Other Business separation are as per regulation 6 of these regulations.

MEASUREMENT BASE

The financial statements have been prepared on the basis of historical cost with the exception of certain items for which specific accounting policies are disclosed.

The assets and liabilities of Tasman Energy Limited were vested from the Tasman Electric Power Board on 1 May 1993 in accordance with the Establishment Plan approved by the Governor General by Order of Council on 26 April 1993.

ACCOUNTING POLICIES

The following accounting policies which materially affect the measurement of financial performance and the financial position have been applied.

(a) Basis of Consolidation

No inter business transaction between the Line and Other businesses have been eliminated.

(b) Recognition of Revenue

Electricity meters are read on the basis of constant cycles each year. Sales of electricity include an estimated amount for accrued sales from meters unread as at 31 March 1998.

The Statement of Financial Performance has been prepared so that all components are stated exclusively of GST. All items in the Statement of Financial Position are stated net of GST with the exception of receivables and payables which include GST invoiced.

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VUW Te Waharoa — NZ Gazette 1998, No 147

NZLII — NZ Gazette 1998, No 147

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

🏭 Tasman Energy Limited Financial Statements (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated11 August 1998
KeywordsFinancial Statements, Revenue, Operating Surplus, Taxation, Retained Earnings, Dividends

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