New Zealand Gazette – 1999 – No. 180

Page 4276

✨ Financial Statement Continuation



4276 NEW ZEALAND GAZETTE No. 180

(g) Financial Instruments

Westpower and its subsidiaries are party to financial instrument arrangements as part of everyday operations. These instruments include bank accounts, debtors, creditors, borrowings and interest rate swaps.

Revenues and expenses in relation to all financial instruments are recognised in the Statement of Financial Performance.

All financial instruments are recognised in the Statement of Financial Position, with the exception of contingent liabilities and interest rate swaps which are disclosed by way of a note to the financial statements.

(h) Provision for Retiring Gratuities

The provision for Retiring Gratuities has been calculated on an actuarial basis. This actuarial valuation was conducted by Aon Consulting New Zealand Limited, Actuaries as at 31 March 1999.

(i) Changes in Accounting Policies

There have been no changes in accounting policies. They have been applied on a consistent basis with previous years.



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✨ LLM interpretation of page content

🏭 Westpower Limited Statement of Accounting Policies (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statement, Accounting Policies, Westpower Limited, Financial Instruments, Retiring Gratuities, Actuarial Valuation