New Zealand Gazette – 2000 – No. 129

Page 3253

✨ Financial Statements Notes

NEW ZEALAND GAZETTE

13 SEPTEMBER 3253

BULLER ELECTRICITY LIMITED – LINE BUSINESS

f) Employee Entitlements
Employee entitlements to salaries and wages, annual and long service leave and other benefits are recognised when they accrue to employees. Allowance is also made for the present value of future staff retirement and gratuity benefits.

g) Goods and Services Tax (GST)
The Statement of Financial Performance and Statement of Cashflows have been prepared so that all components are stated exclusive of GST. All items in the Statement of Financial Position are stated net of GST with the exception of receivables and creditors which include GST.

h) Income Tax
Income tax expense recognises the current obligations and all amounts arising from differences between the accounting results and assessable income for the period. This is the liability method applied on a partial basis.

i) Financial Instruments
Financial instruments carried in this Statement of Financial Position include cash and bank balances, investments, receivables and trade creditors. These instruments are carried at their estimated fair value.

j) Statement of Cashflows
Cash means all cash balances, bank accounts and demand deposits which the company invests as part of its day to day cash management.

Operating activities include cash received from all revenue sources of the company and records all cash payments made by the company for the supply of goods and services. Investing activities are those activities relating to the ownership of shares in investment companies and disposal/acquisition of fixed assets. Financing activities are those activities which change the debt and equity structure of the company.

CHANGES IN ACCOUNTING POLICIES

The income tax policy has been changed from a comprehensive to a partial basis and there have been no other changes in accounting policies which have been applied on a basis consistent with previous years.

VUW Te Waharoa — NZ Gazette 2000, No 129

Gazette.govt.nz — NZ Gazette 2000, No 129

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✨ LLM interpretation of page content

🏭 Notes to and forming part of the Financial Statements for Buller Electricity Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Accounting Policies, Revenue, Receivables, Investments, Fixed Assets, Depreciation, Employee Entitlements, GST, Income Tax, Financial Instruments, Cashflows

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