✨ Financial Accounting Policies
18 AUGUST NEW ZEALAND GAZETTE 2383
h) Investments
Investments are valued at the lower of cost and net realisable value.
i) Revenue Recognition
Revenue from the sale of energy and value added services is recognised when invoices are issued plus an accrual is made for sales at balance date.
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.
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 95
Gazette.govt.nz —
NZ Gazette 2000, No 95
✨ LLM interpretation of page content
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Powerco Limited Gas Information Disclosure
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🏭 Trade, Customs & Industry2 August 2000
Gas, Information Disclosure, Regulations, Powerco Limited, Financial Statements, Certification, Auditor