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New Zealand Gazette – 1999 – No. 170

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✨ Electricity Corporation Financial Notes

15 NOVEMBER

NEW ZEALAND GAZETTE

4045

Electricity Corporation of New Zealand Limited

Notes to the Financial Statements

Insurance

ECNZ’s fixed assets are predominantly concentrated at power station locations which have the potential to sustain major losses through damage to plant and resultant consequential costs.

To minimise the financial impact of such exposures, the assessed risk is transferred to insurance companies by taking out appropriate policies.

Any uninsured loss is charged to the statement of financial performance in the year in which the loss is incurred.

Resource consents

Costs incurred in obtaining a resource consent are capitalised and recognised as a term asset. These costs are amortised over the life of the consent on a straight line basis.

Comparative figures

The current period results cover the 9 month period from 1 July 1998 to 31 March 1999 in accordance with Regulation 4 of the Electricity (Information Disclosure) Regulations 1999. Comparative figures are for the 12 month period ended 30 June 1998 as reported by the company in its annual report.

Changes in accounting policies

The accounting policies applied during the period have been applied on bases consistent with those applied in ECNZ’s annual report for the year ended 30 June 1998.

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VUW Te Waharoa — NZ Gazette 1999, No 170

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The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

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🏗️ Electricity Corporation of New Zealand Limited Financial Notes (continued from previous page)

Domain🏗️ Infrastructure & Public Works
KeywordsInsurance, Resource Consents, Accounting Policies, Financial Statements, Comparative Figures

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