✨ Financial Statements Notes
29 MAY NEW ZEALAND GAZETTE 1233
TRANSALTA NEW ZEALAND LIMITED
Notes to and forming part of the Financial Statements
For the Year Ended 31 March 1999
Note 1: Statement of Accounting Policies
Reporting Entity
TransAlta New Zealand Limited is a public company registered under the Companies Act 1993 and is listed on the New Zealand Stock Exchange. The Company is an issuer for the purposes of the Financial Reporting Act 1993.
The financial statements have been prepared in accordance with the methodology required by the Gas (Information Disclosure) Regulations 1997, the Companies Act 1993, the Financial Reporting Act 1993, and in accordance with generally accepted accounting practice.
The Financial Statements have been extracted from the audited Financial Statements of TransAlta New Zealand Limited parent company.
Gas (Information Disclosure) Regulations 1997
Where practical, all costs, revenues, assets and liabilities have been directly allocated to the appropriate Distribution or Retail businesses. Other costs, revenues, assets and liabilities are allocated using the allocation bases in accordance with the guidelines, with the exception of cash and short term investments. These have been allocated on the basis of cash required to adequately fund the business units.
Measurement Base
The financial statements have been prepared on an historical cost basis, modified by the revaluation of certain assets as detailed below in the specific accounting policies.
Specific Accounting Policies
a) Income Recognition
Gas sales represent customer usage during the financial period. Allowance is made for unbilled sales being unread meters and unbilled line charges as at balance date.
b) Valuation of Fixed and Long Term Assets
The fixed and long term assets of the Company, other than gas network distribution assets, are stated at cost.
Gas network distribution assets are stated at their current value. The current value approximates Optimised Deprival Value at (ODV), which is the lower of a network's Optimised Depreciated Replacement Cost (ODRC) or its Economic Value (EV). The ODRC of an asset represents the cost of the most efficient asset capable of performing the same functions, depreciated for the age of the asset being valued. The EV of an asset is the greater of the net realisable value of that asset or the net present value of the future earnings from that asset.
Fixed and Long Term Assets are depreciated on a straight line basis. Depreciation is provided on all fixed assets at rates calculated to allocate the cost of acquisition, less estimated residual value, over their estimated useful lives. Fixed and long term asset depreciation periods are:
| Asset Type | Depreciation Period |
|---|---|
| Gas Distribution Assets | 30-80 years |
| Leasehold Improvements | 11 years |
| Motor Vehicles, Plant, Tools | 5 years |
| and Equipment | |
| Office Equipment | 5 years |
| Computer Equipment | 3 years |
The information disclosed in the 1999 Information Disclosure package issued by TransAlta New Zealand Limited has been prepared solely for the purposes of the Gas (Information Disclosure) Regulations 1987.
The information should not be used for any other purpose than that intended under the regulations.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2000, No 57
Gazette.govt.nz —
NZ Gazette 2000, No 57
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Statement of Financial Position for TransAlta New Zealand Limited
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🏭 Trade, Customs & IndustryFinancial Statements, Accounting Policies, Gas (Information Disclosure) Regulations, TransAlta New Zealand Limited