New Zealand Gazette – 1999 – No. 175

Page 4180

✨ Financial Statements



4180 NEW ZEALAND GAZETTE

                                                                                       No. 175

STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

for the year ended 31 March 1999

(A) Basis of Preparation

Reporting Entity

The Financial Statements are those of the Line Business of Wairoa Power Limited. The period reported is 1 April 1998 to 31 March 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.

Principal Activities

The Line Business operates a line business activity, as defined by regulation 2 of the Electricity (Information Disclosure) Regulations 1999, in the Wairoa District.

Going Concern

Wairoa Power Limited has announced the sale of its line business with effect from 30 July 1999. Accordingly, the accounts have been prepared on a realisation basis.

(B) Basis of Recognising Components of the Financial Statements

The following general accounting policies are adopted:

Assets

A transaction results in an asset being recognised in the statement of Financial Position when it will probably give rise to ongoing benefits for the Company, and those benefits can be measured with reliability.

Liabilities

A transaction results in a liability being recognised in the statement of financial position when it will probably give rise to the need for the Company to sacrifice assets in the future, and those sacrifices can be measured with reliability.

Revenue

Revenue is recognised in the statement of financial performance when a transaction gives rise to an increase in the value of the Company’s net assets and that increase can be measured with reliability.

Expenses

An expense is recognised in the statement of financial performance when a transaction results in a decrease in the value of the Company’s net assets, and that decrease can be measured with reliability.

Classification of assets and liabilities between current and non-current

An amount is classified as current when it is expected to be settled or extinguished within one year of the date of the financial statements. All other amounts are classified as non-current.



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✨ LLM interpretation of page content

🏗️ Statement of Significant Accounting Policies for Wairoa Power Limited (continued from previous page)

🏗️ Infrastructure & Public Works
Accounting Policies, Financial Statements, Reporting Entity, Principal Activities, Going Concern, Assets, Liabilities, Revenue, Expenses, Classification of assets and liabilities