New Zealand Gazette – 1999 – No. 120

Page 2854

✨ Accounting Policies Statement



2854 NEW ZEALAND GAZETTE No. 120

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.

SPECIAL PURPOSE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with generally accepted accounting practice (GAAP) for the purpose of complying with the requirements of the Electricity (Information Disclosure) Regulations 1999, 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 3 (c)(2)(a) of the Electricity (Information Disclosure) Regulations 1999.
  • Waipori Power Generation Ltd was sold to TrustPower on 22 October 1998.
  • 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.
  • On 1 July 1998, the Operations carried out by the Company's Contracting Business were transferred to a 100% owned subsidiary company DELTA Utility Services Ltd.

SPECIFIC ACCOUNTING POLICIES

In accordance with clause 6 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.

(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 provided up to 30 June 1998, by the Company’s Contracting Group and external contractors was at market rates.
  • Maintenance and operation costs from 1 July 1998 onward, is provided in accordance with a 10 year Asset Management Services Contract with DELTA Utility Services Ltd.
  • Other costs are allocated in accordance with the avoidable cost allocation methodology.


Next Page →

PDF embedding disabled (Crown copyright)

View this page online at:


VUW Te Waharoa — PDF NZ Gazette 1999, No 120


NZLII — PDF NZ Gazette 1999, No 120




✨ LLM interpretation of page content

💰 Statement of Accounting Policies

💰 Finance & Revenue
Accounting Policies, Financial Statements, Electricity, Line Business, Contracting Business