New Zealand Gazette – 1999 – No. 134

Page 3229

✨ Accounting Policies



24 SEPTEMBER NEW ZEALAND GAZETTE 3229

Expenditure

Where a segment of the Group performs line activities in addition to other functions each item of expenditure incurred by that segment has been allocated to the line business in proportion to the total level of line business activity undertaken by the segment. This has been achieved using the following methodologies:

Customer services/billing 10% Lines Revenue
Marketing Revenue

Bank Balances

Cash and bank balances have been allocated based on 50% fixed assets and 50% revenue.

Fixed Assets

Fixed assets used by both the line and another activity have been allocated to the line business on the following basis:

Motor vehicles Weighted staff numbers
Plant, Furniture and equipment Weighted staff numbers

Items have been weighted by multiplying the value attributable to Other by 33%

Creditors

Creditors not directly attributable to the line business have been allocated in proportion to the expenditure allocation as noted above.

Provision for Annual and Long Service Leave

The amount of the provision attributable to employees working on both the line business and other activities has been allocated to the line business in proportion to wages expenditure.

Comparatives

Comparative numbers have not been restated to comply with the current regulations. As a result where new disclosures are required no comparative numbers have been disclosed.

The Directors consider the principles outlined above are in accordance with the methodologies set out in the Electricity Information Disclosure Handbook.

C. Changes in Accounting Policy

There have been no changes in accounting policies during the year except for those required by the new regulations. The effect of these changes is to increase equity by $82,053,000 as disclosed in the Statement of Movements in Equity.



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✨ LLM interpretation of page content

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

🏭 Trade, Customs & Industry
Accounting policies, Fixed assets, Depreciation, Line business split, Corporate overheads, Property costs, Bank balances, Creditors, Annual leave provision, Long service leave provision, Comparatives, Equity changes