✨ Financial Statements
23 SEPTEMBER NEW ZEALAND GAZETTE 3719
BAY OF PLENTY ELECTRICITY LIMITED
Financial Statements for the purposes of Electricity (Information Disclosure) Regulations 1994
Notes to the Financial Statements
for the 12 months ended 31 March 1998
The taxation charge against the surplus for the year is the estimated liability in respect of that surplus after allowance for all permanent differences and timing differences not expected to reverse in the foreseeable future. This is the partial basis for the calculation of deferred taxation.
Future taxation benefits attributable to timing differences or losses carried forward are recognised in the financial statements only where there is virtual certainty that the benefit of the timing differences will be realised or any losses utilised.
x) Financial Instruments
Financial instruments with off-balance sheet risk, have been entered into for the primary purpose of reducing exposure to fluctuations in foreign exchange rates and interest rates. While financial instruments are subject to risk that market rates may change subsequent to acquisition, such changes would generally be offset by opposite effects on the items hedged.
Financial instruments entered into with no underlying exposure are accounted for on a mark to market basis.xi) Research and Development
Costs incurred on all research and development projects are written off as incurred, except that development costs are capitalised to the extent that such costs are expected, beyond any reasonable doubt, to be recovered.
xii) Foreign Currency
Foreign currency transactions are recorded at exchange rates in effect at the date of settlement, except where forward contracts have been taken out to cover future commitments. Where forward contracts have been taken out, the transaction is translated at the rate contained in the contract.
C. Changes in Accounting Policies
The Bay of Plenty Trustee Limited was consolidated into the financial statements of the Group for the first time this year. In previous years the results of Bay of Plenty Trustee Limited were excluded from the Group financial statements. This change in accounting policy was adopted as it is considered to more fairly reflect that the parent company receives substantially all of the benefits of Bay of Plenty Trustee Limited’s operations. The change in accounting policy does not have a material effect in the current year.
There have been no other material changes in accounting policies.
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VUW Te Waharoa —
NZ Gazette 1998, No 156
NZLII —
NZ Gazette 1998, No 156
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Bay of Plenty Electricity Limited Financial Performance
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