New Zealand Gazette – 2000 – No. 108

Page 2693

✨ Financial Accounting Policies and Depreciation Statement



25 AUGUST NEW ZEALAND GAZETTE 2693

(e) Depreciation

Fixed assets are depreciated on the basis of cost price less estimated residual value over the period of their estimated useful life.

Rates used are:

Buildings - 1% SL - 4% DV
Furniture, Fittings & EDP Equipment - 10% DV - 50% DV
Motor Vehicles - 20% DV - 25% DV
Network Assets - 1% SL - 22% DV

(f) Receivables

Receivables are stated in their estimated realisable value.

(g) Inventories

Inventories are stated at the lower of cost at weighted average cost price, and net realisable value.

(h) Income Tax

The income tax expense charged against the profit for the year is the estimated liability in respect of that profit and is calculated after allowance for permanent differences. The Company uses the liability method of accounting for deferred taxation and applies this on a comprehensive basis. Future tax benefits attributable to tax losses or timing differences are only recognised where there is virtual certainty of realisation.

(i) Work In Progress

The cost of work in progress includes the cost of direct material and direct labour used in putting replacement and new systems in their present location and condition.

(j) Goods And Services Tax

These accounts have been prepared on a GST exclusive basis with the exception of Sundry Debtors and Creditors which are GST inclusive.

Changes in Accounting Policies

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

2.0 DEPRECIATION

2000 1999
System Fixed Assets 4,089,073 3,502,561
Capital Works Under Construction - -
Other 183,873 277,534
Total $4,272,946 $3,780,095


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2000, No 108


Gazette.govt.nz — PDF NZ Gazette 2000, No 108




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🏭 Financial Accounting Policies and Depreciation Statement (continued from previous page)

🏭 Trade, Customs & Industry
Accounting Policies, Depreciation, Financial Reporting, GST