New Zealand Gazette – 1998 – No. 159

Page 3823

✨ Financial Disclosure Notes



25 SEPTEMBER NEW ZEALAND GAZETTE

(ii) Other Assets as listed below are depreciated using rates which write off the cost or valuation of the fixed assets over their expected economic lives as below:

  • Buildings ... 1.0% to 4% CP
  • Motor Vehicles ... 18.0 to 31.2% DV
  • Plant and equipment ... 10% to 50% DV
  • Furniture and fittings including computers ... 20% to 48% DV
  • Dams, headworks, penstocks etc. ... 2.0% to 2.5% CP

(b) Taxation

The taxation charge against the profit for the year is the estimated liability in respect of that profit and is calculated after allowance for permanent differences and timing differences not expected to reverse in future periods. This is the partial basis for the calculation of deferred taxation.

The Company follows the liability method of accounting for deferred taxation. Future taxation benefits attributable to losses carried forward or timing differences are recognised in the financial statements only where there is virtual certainty of realisation.

(c) Allocation Methodology

The Electricity Disclosure Guidelines (June 1994) have been followed with the exceptions stated in the Regulation 19 Disclosure.

(d) Provision for Retiring Gratuities

The provision for Retiring Gratuities has been calculated on an actuarial basis. This actuarial valuation was conducted by Aon Consulting New Zealand Limited, Actuaries as at 31 March 1998.

(e) Changes in Accounting Policies

The Special Discount allocated to Other Businesses in previous years has been charged to the Generation Business this year (1998 $438,099, 1997 $428,629).

All other accounting policies have been applied on a consistent basis with previous years.



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✨ LLM interpretation of page content

🏭 Certification of Financial Statements by Westpower Limited (continued from previous page)

🏭 Trade, Customs & Industry
31 August 1998
Financial Statements, Certification, Audit, Electricity, Westpower Limited