✨ Financial Disclosure Information
2862 NEW ZEALAND GAZETTE No. 114
The Company follows the liability method of accounting for deferred taxation. Future taxation benefits attributable to losses carried forward or timing differences are recognised in the financial statements only where there is virtual certainty of realisation.
(f) Goods and Services Tax
All items in the financial statements are net of Goods and Services Tax except for Debtors and Creditors which are shown in the Statement of Financial Position inclusive of GST.
(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.
(i) Changes in Accounting Policies
The accounting treatment of decline in service potential has changed. The Company is now depreciating rather than using a pure renewals approach. Renewals expenditure which was previously expensed is now capitalised. The effect of this change was to reduce this year’s expenses by $740,264 and increase the value of distribution assets by the same amount. Renewals of $1,304,534 were expensed last year. Depreciation has been recognised on distribution system assets. The effect of this was to increase expenses by $1,487,642.
There have been no other changes in accounting policies. All other policies have been applied on a basis consistent with the previous year.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2000, No 114
Gazette.govt.nz —
NZ Gazette 2000, No 114
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