✨ Financial Statements Notes
4660
NEW ZEALAND GAZETTE
No. 195
AGL NZ Energy Ltd– Gas Distribution Activities
Notes to the Financial Statements
For the period ended 30 June 1999
- Statement of Accounting Policies
a) Accounting Entity
The financial statements are those of AGL NZ Energy Ltd – Gas Distribution Activities. Gas Distribution Activities involves the ownership and supply of line function services for the transportation of gas.
The gas distribution business was acquired from TransAlta NZ Limited on 31 March 1999. The financial results reported in this document are for the three months to 30 June 1999.
b) Special Purpose Financial Statements
The financial statements have been prepared in accordance with the Gas (Information Disclosure) Regulations 1997, the Companies Act 1993 and the Financial Reporting Act 1993.
c) General Accounting Policies
The general accounting policies recognised as appropriate for the measurement and reporting of earnings and the financial position under the historical cost method, as modified by the revaluation of certain assets, have been followed in the preparation of these financial statements. This includes the going concern concept and the matching of revenue and expenses under the accrual concept.
d) Particular Accounting Policies
The following particular accounting policies which materially affect the measurement of financial performance and financial position have been adopted:
i) Revenues and Expenses
Revenues and expenses are stated exclusive of Goods and Services Tax (GST).
ii) Accounts Receivable
Accounts receivables are valued at their estimated realisable value.
iii) Taxation
AGL NZ Energy Ltd recognises deferred taxation using the liability method and on a comprehensive basis.
iv) Fixed Assets
Reticulation fixed assets are recorded at ODV, as determined by Ernst & Young during independent review as at 31 March 1997, with the exception of meters and regulators which are recorded at cost of acquisition.
Additions to the network post March 1997 have been added to the ODV value. Other fixed assets are recorded at cost of acquisition, less accumulated depreciation.
Work in Progress is recorded at cost. Assets constructed by AGL NZ Energy Limited are commissioned and transferred from work in progress to fixed assets as each facility or operating unit within a facility becomes operational and available for use.
Capital spares are recorded at the lower of cost or net realisable value. Cost is determined on a first in first out basis. Capital spares are made up of reticulation asset spares and for this reason are included in the total for fixed assets.
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VUW Te Waharoa —
NZ Gazette 1999, No 195
NZLII —
NZ Gazette 1999, No 195
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AGL NZ Energy Limited Financial Performance Statement
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