✨ Financial Statements
26 AUGUST NEW ZEALAND GAZETTE 3193
The taxation charge against the profit for the year is the estimated liability in respect of that profit and is calculated after allowance for permanent differences and timing differences not expected to reverse in future periods. This is the partial basis for the calculation of deferred taxation.
The Company follows the liability method of accounting for deferred taxation. Future taxation benefits attributable to losses carried forward or timing differences are recognised in the financial statements only where there is virtual certainty of realisation.
(g) Goods and Services Tax
All items in the financial statements are net of Goods and Services Tax except for Debtors and Creditors which are shown in the Statement of Financial Position inclusive of GST.
(h) Financial Instruments
Westpower and its subsidiaries are party to financial instrument arrangements as part of everyday operations. These instruments include bank accounts, debtors, creditors, borrowings and interest rate swaps.
Revenues and expenses in relation to all financial instruments are recognised in the Statement of Financial Performance.
Unrealised revenue and expenses associated with electricity hedges are not recognised in the financial statements. Realised revenue and expenses are recognised in the Statement of Financial Performance on maturity of the hedging contracts and are incorporated as part of the cost of electricity.
All financial instruments are recognised in the Statement of Financial Position, with the exceptions of contingent liabilities and interest rate swaps which are disclosed by way of a note to the financial statements.
(i) Changes in Accounting Policies
There have been no changes in accounting policies. All other policies have been applied on a basis consistent with the previous year.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2002, No 119
Gazette.govt.nz —
NZ Gazette 2002, No 119
✨ LLM interpretation of page content
🏭
Westpower Limited Statement of Accounting Policies
(continued from previous page)
🏭 Trade, Customs & Industry15 August 2002
Financial Statements, Accounting Policies, Westpower Limited, Energy Companies Act 1992, Depreciation, Inventories, Debtors, Taxation