✨ Financial Statements Notes
30 NOVEMBER
NEW ZEALAND GAZETTE
3969
TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS
NOTES TO THE FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2001
(e) Current Assets
Receivables are stated at their estimated net realisable value.
Short term investments are recorded at their original cost which is adjusted for the amortisation of premiums and accretion of discounts to maturity.
Stocks of materials are valued at the lower of cost, calculated on the weighted average cost basis and estimated net realisable value.
(f) Investments
Investments in subsidiaries are recorded at net tangible asset value. Other investments are recorded at the lower of cost and net realisable value.
(g) Fixed Assets
Modified Historical Cost Measurement
Fixed assets are recorded at the most recent valuation, adjusted by subsequent additions, disposals and depreciation. Valuations are carried out each year by, or under the guidance of, independent experts using the optimised deprival valuation (ODV) methodology.
Under modified historical cost, an asset revaluation, which reflects the difference between the net carrying value of the assets and the ODV value, is recorded in the asset revaluation reserve. The net carrying value is determined after writing any accumulated depreciation or infrastructure asset service potential adjustment back against the asset value.
Upon the disposal or write-off of a non-infrastructure asset the revaluation increment or decrement relevant to that asset is transferred from the revaluation reserve to retained earnings.
The physical disposal or write off of individual component assets that form the infrastructure asset is only recognised in the financial statements where the operating capability of the infrastructure asset has decreased.
Capital Work in Progress
Capital work in progress is recorded at cost. Cost is determined by including all costs directly associated with bringing the fixed assets to their locations and condition. Finance costs incurred during the period of time that is regarded to complete and prepare the fixed asset for its intended use are capitalised as part of the total cost for capital work in progress.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2001, No 163
Gazette.govt.nz —
NZ Gazette 2001, No 163
✨ LLM interpretation of page content
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Transpower New Zealand Limited Lines Business Financial Position
(continued from previous page)
🏭 Trade, Customs & Industry20 November 2001
Financial Position, Transpower, Lines Business, Assets, Liabilities, Equity