New Zealand Gazette – 1998 – No. 149

Page 3608

✨ Financial Statements Accounting Policies



3608 NEW ZEALAND GAZETTE No. 149

STATEMENT OF ACCOUNTING POLICIES

GENERAL ACCOUNTING POLICIES

The general policies adopted in the preparation of these financial statements are:

  • Unless otherwise stated, the measurement base adopted is historical cost.
  • Reliance is placed on the assumption that the Company is a going concern.
  • Accrual accounting is used to match revenues with related expenses.

SPECIAL PURPOSE FINANCIAL STATEMENTS

These financial statements have been prepared for the purpose of complying with the requirements of the Electricity (Information Disclosure) Regulations 1994, and relate to:

  • The Company’s Line Business incorporating the conveyance of electricity, ownership of works for conveyance of electricity and provision of line function services.

  • An Electricity Generating Business being the financial accounts of Waipori Power Generation Ltd prepared by Dunedin Electricity Ltd pursuant to section 6 (5)(a) of the Electricity (Information Disclosure) Regulations 1994.

  • The Company’s Contracting Business incorporating the maintenance of electrical appliances, fittings and associated equipment, the management of a hydro-electricity generating complex, and provision of street lighting services.

SPECIFIC ACCOUNTING POLICIES

In accordance with clause 19 of the Regulations, the methodology adopted to allocate costs, revenues, assets and liabilities among the businesses is in accordance with the Guidelines.

Specific accounting policies which materially affect the measurement of profit and financial position which have been consistently applied, are:

(a) Revenue

Revenue shown in the Statement of Financial Performance for:

  • The Line Business relates to the provision of electricity distribution.
  • The Electricity Generating Business relates to the sale of electricity generated.
  • The Contracting Business relates to the construction and maintenance of electrical appliances, fittings and associated equipment, the management of a hydro-electricity generating complex, and the provision of street lighting services.

(b) Expenditure

Expenditure shown in the Statement of Financial Performance is derived as follows:

Line Business

  • Transmission charges, employee remuneration, administration and operating expenses are directly attributable to the Line Business.
  • Maintenance is provided by the Company’s Contracting Group and external contractors at market rates to the Line Business group.


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✨ LLM interpretation of page content

🏭 Certification of Financial Statements for Dunedin Electricity Limited (continued from previous page)

🏭 Trade, Customs & Industry
26 June 1998
Financial Statements, Certification, Dunedin Electricity Limited, Electricity Regulations