New Zealand Gazette – 2001 – No. 73

Page 1736

✨ Financial Disclosures

NEW ZEALAND GAZETTE

No. 73

1736

(h) Financial instruments

Pursuant to FRS 31: Disclosure of Information about Financial Instruments, the company estimates that in respect of the reported financial instruments, being cash, short term investments and debtors, fair value is equivalent to the carrying amount as stated in the statement of financial position.

Credit risk
The company places short term investments with only registered banks. The company has a credit policy which is used to manage this exposure to credit risk. As part of this policy, limits on the amount of surplus funds placed with any one banking institution have been set and approved by the board of directors.

Concentrations of credit risk
Network Tasman’s customers are electricity retailers. The credit risk is not considered to be high. The group does not have any other significant concentrations of credit risk.

Interest rate risk
Short term investments mature within the range of on call to 150 days. The interest rates on these investments range from 6.25% to 6.90%.

(i) Cash flows

For the purpose of the statement of cash flows, cash includes cash on hand, deposits held at call with banks and investments in money market instruments.

(j) Employee entitlements

A provision for employee entitlements is recognised as a liability in respect of benefits earned by employees but not yet received at balance date. Employee benefits include annual leave and long service leave. The provision is the estimated amount expected to be paid out by the company.

(k) Operating leases

Payments made under operating leases are recognised in the statement of financial performance on a basis representative of the pattern of benefits expected to be derived from the leased asset.

(l) Changes in accounting policies

There have been no changes in accounting policies. All policies have been applied on bases consistent with those used in the prior year.

VUW Te Waharoa — NZ Gazette 2001, No 73

Gazette.govt.nz — NZ Gazette 2001, No 73

Parliament House (depicted) was completed in 1918 and remains the primary seat of Parliament.

✨ LLM interpretation of page content

🏭 Certification of Financial Statements, Performance Measures, and Statistics Disclosed by Line Owners (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated29 June 2001
KeywordsFinancial Instruments, Credit Risk, Interest Rate Risk, Cash Flows, Employee Entitlements, Operating Leases, Accounting Policies

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