✨ Financial Statements Notes
2354 NEW ZEALAND GAZETTE No. 94
j) Financial Instruments
The company has various financial instruments with off-balance sheet risk for the primary purpose of reducing its exposure to fluctuations in interest rates. While these financial instruments are subject to risk that the market rates may change subsequent to acquisition.
Financial instruments purchased with the intention of being held for the long term or until maturity are recorded at cost which is adjusted for the amortisation of premiums and accretion of discounts to maturity.
k) Goodwill
Goodwill represents the excess of purchase consideration over the fair value of net assets acquired at the time of acquisition of a business or shares in a subsidiary or an associate company.
Goodwill is amortised on a systematic basis over the period benefits are expected to arise, which will generally be twenty years or less.
l) Identifiable Intangible Asset
The identifiable intangible asset recognises the purchase price of the network system assets acquired above the certified ODV valuation.
The identifiable intangible asset is amortised over the estimated remaining life of the network system assets which range between 25 and 55 years, on a straight line basis.
m) Comparative Figures
In accordance with the Electricity (Information Disclosure) Amendment Regulations 2000, various allocation basis have been changed from those applied and reported for the year ended 31 March 1999.
No restatement of the prior year comparatives disclosed has been made.
Changes in Accounting Policies
There have been no changes to accounting policies. All policies have been applied on a basis consistent with prior years.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2000, No 94
Gazette.govt.nz —
NZ Gazette 2000, No 94
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Notes to the Financial Statements for Powerco Limited
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🏭 Trade, Customs & IndustryFinancial Instruments, Goodwill, Intangible Assets, Accounting Policies, Powerco Limited, Electricity, Interest Rates, Amortisation, Comparative Figures