New Zealand Gazette – 1999 – No. 134

Page 3227

✨ Financial Statements Accounting Policies

24 SEPTEMBER
NEW ZEALAND GAZETTE
3227

Statement of Accounting Policies
For the Year Ended 31 March 1999

These financial statements are prepared and presented in accordance with the Electricity (Information Disclosure) Regulations 1999.

A. General Accounting Policies

The general accounting policies recognised as appropriate for the measurement and reporting of results and the financial position have been followed in the preparation of these financial statements.

The historical cost method, as modified by the revaluation of certain assets, has been followed.

The Electricity Information Disclosure Handbook 1999 has been followed in the preparation of these financial statements.

B. Particular Accounting Policies

The particular accounting policies which have a significant effect on the financial performance and financial position are as follows:

(a) Income Tax

The income tax expense charged to the Statement of Financial Performance includes both current and deferred tax. Deferred tax is calculated using the liability method, and is accounted for using the comprehensive basis, except that deferred tax is not provided on asset revaluations of the distribution system.

(b) Trade Debtors

Trade debtors are stated at their estimated realisable value after adequate provision for doubtful debts. Bad debts are written off in the period they are identified.

(c) Revenue Recognition

Line revenues include an accrual for charges incurred by customers but not billed at balance date.

(d) Inventories

Inventories are valued at the lower of weighted average cost and net realisable value. Work in Progress is valued at cost comprising direct labour, materials, freight and a proportion of production overheads based on a normal level of activity.

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VUW Te Waharoa — NZ Gazette 1999, No 134

NZLII — NZ Gazette 1999, No 134

The General Assembly Library (on the right) was completed in 1899 and survived the 1907 fire. Now the oldest remaining original Parliament building, still used as the Parliamentary Library.

✨ LLM interpretation of page content

🏭 Accounting Policies for WEL Energy Group Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsAccounting policies, Income tax, Trade debtors, Revenue recognition, Inventories, Financial statements

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