New Zealand Gazette – 1999 – No. 126

Page 3021

✨ Accounting Policies



17 SEPTEMBER
NEW ZEALAND GAZETTE
3021

e) Valuation of Assets

Land is stated at cost, all other fixed assets (except distribution assets) are stated at cost less accumulated depreciation.

All distribution system assets were revalued on an Optimised Deprival Value (ODV) basis by Coopers & Lybrand as at 1 April 1997. Subsequent additions to the distribution network are recorded at cost. Distribution system assets will be revalued at least once every three years.

f) Accounts Receivable

Receivables are shown at net realisable value. All known bad debts have been written off during the year.

g) Inventories

Inventories are valued at the lower of cost, determined on a weighted average cost basis, and net realisable value.

h) Goods and Services Tax (GST)

These financial statements have been prepared exclusive of GST with the exception of accounts receivable and accounts payable which are shown inclusive of GST.

i) Allocation Methodologies

Allocation of costs, revenues, assets and liabilities have been allocated in accordance with the Electricity (Information Disclosure) Regulations 1999.

Changes in Accounting Policies

There have been no material changes in accounting policies. All accounting policies have been applied on bases consistent with those used in the previous year.



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✨ LLM interpretation of page content

🏭 Accounting Policies for Electricity Ashburton Limited (continued from previous page)

🏭 Trade, Customs & Industry
Electricity, Accounting Policies, Valuation of Assets, Accounts Receivable, Inventories, GST, Allocation Methodologies