✨ Financial Accounting Policies
2538 No. 102
NEW ZEALAND GAZETTE
Depreciation
Fixed assets have been depreciated, so as to write off cost less estimated residual value over their estimated useful lives, on the following basis:
Distribution System
- 4% SL
- 4% SL for Relays
- 22% DV for system automation equipment
Buildings
- 2% SL for majority of buildings
- (some at 1% SL)
Plant & Equipment
- 40% DV for computer hardware and software
- 20% and 25% DV for other items
Motor Vehicles
- 20% and 25% DV for majority of vehicles
Taxation
The statements of financial performance and movements in equity include taxation expense on operating results.
The income tax expense charged to earnings includes both the income tax payable on assessable income in the period and the income tax effects of timing differences calculated using the liability method.
Tax effect accounting is applied on a comprehensive basis to all timing differences. A debit balance in the deferred tax account, arising from timing differences or income tax benefits from income tax losses, is only recognised if there is virtual certainty of realisation.
CHANGES IN ACCOUNTING POLICY
During the period there have been no changes in accounting policies.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2000, No 102
Gazette.govt.nz —
NZ Gazette 2000, No 102
✨ LLM interpretation of page content
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Counties Power Limited Financial Performance
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🏭 Trade, Customs & IndustryElectricity, Financial Performance, Revenue, Expenditure, Surplus, Tax, Equity, Dividend, Depreciation, Taxation, Accounting Policy