New Zealand Gazette – 2000 – No. 159

Page 4079

✨ Financial Reporting



28 NOVEMBER NEW ZEALAND GAZETTE 4079

Future tax benefits are not recognised unless realisation of the asset is virtually certain. Future tax benefits and deferred tax is offset.

viii) Deferred Expenditure
Deferred expenditure is expenditure which provides benefits beyond the current accounting period and is written off over periods up to ten years. These expenditures relate to the connection of new customers to the gas system and the conversion of existing customers’ appliances to the use of natural gas.

ix) Changes in Accounting Policy and Comparatives
There have been no changes in accounting policies. The presentation of certain comparatives has been restated to ensure consistency with current year disclosures.

2 Revenue

Revenue includes $4,891,000 of Deferred Income. Refer Note 8.

3 Suplus before Taxation

$ Thousands
2000 1999
Surplus before Taxation is stated after charging/(crediting):
Audit fees and expenses 35 32
Fees for other services paid to the Auditors - 30
Depreciation 6,025 4,645
Amortisation 1,267 -
Leasing Costs 223 515
Deferred Income (4,891) (656)
Profit on Sale of Network Assets - (3,965)

4 Income Tax

$ Thousands
2000 1999
The Income Tax Expense has been calculated as follows:
Surplus before Taxation 18,854 15,521
Income Tax at 33% 6,222 5,122
Adjusted for:
Permanent Differences (37) -
Prior Period Adjustments (105) -
6,080 5,122


Next Page →



Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2000, No 159


Gazette.govt.nz — PDF NZ Gazette 2000, No 159




✨ LLM interpretation of page content

🌾 Natural Gas Corporation Accounting Policies (continued from previous page)

🌾 Primary Industries & Resources
Accounting Policies, Intangible Assets, Depreciation, Taxation, Financial Reporting

🌾 Revenue Recognition and Deferred Income

🌾 Primary Industries & Resources
Revenue, Deferred Income, Financial Reporting

🌾 Surplus before Taxation

🌾 Primary Industries & Resources
Surplus before Taxation, Audit Fees, Depreciation, Amortisation, Leasing Costs, Deferred Income, Profit on Sale of Network Assets

🌾 Income Tax Expense

🌾 Primary Industries & Resources
Income Tax Expense, Surplus before Taxation, Permanent Differences, Prior Period Adjustments