✨ Financial Statements Notes
12 NOVEMBER NEW ZEALAND GAZETTE 4017
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
1. STATEMENT OF ACCOUNTING POLICIES
1.1 Reporting Entity
Eastland Network Limited (formerly Eastland Energy Limited) is a company registered under the Companies Act 1993.
The financial statements are those of the electricity lines business of Eastland Network Limited as required by Regulation 6 of the Electricity (Information Disclosure) Regulations 1999.
These financial statements are prepared in accordance with Regulation 6 of the Electricity (Information Disclosure) Regulations 1999. The financial statements have not been prepared for the purpose of the Financial Reporting Act 1993, or the Energy Companies Act 1992.
1.2 Measurement Base
The electricity lines business operates an electricity line business activity (as defined by section 4 of the Electricity Industry Reform Act 1998) in the Gisborne district.
The financial statements are based on the generally accepted accounting principles of historical cost accounting, including the going concern concept and the accrual basis of accounting, with the exception that certain fixed assets have been revalued. These policies have been followed on a consistent basis, with the exception that the allocation methodology has changed in line with the requirements of the Electricity (Information Disclosure) Regulations 1999.
1.3 Methodology of Separation of Businesses
Eastland Network Limited has followed the Methodology for Preparing Separate Financial Statements as set out in the Electricity Information Disclosure Handbook as issued by the Ministry of Commerce dated March 1999.
1.4 Specific Accounting Policies
The following particular accounting policies which materially affect the measurement of profit and financial position are consistently applied:
(a) Accounting Period
The financial statements cover the financial performance of the business for the year ended 31 March 1999 and the financial position of the company at the end thereof.
(b) Associate Companies
These are companies in which the business would hold substantial shareholdings and in whose commercial and financial policy decisions it participates. Associate companies are reflected in the financial statements on an equity accounting basis which shows the business' share of profits in the statement of financial performance and its
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VUW Te Waharoa —
NZ Gazette 1999, No 169
NZLII —
NZ Gazette 1999, No 169
✨ LLM interpretation of page content
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Notes to Financial Statements of Eastland Network Limited
(continued from previous page)
💰 Finance & RevenueFinancial Statements, Accounting Policies, Eastland Network Limited, Electricity Lines Business, Gisborne