New Zealand Gazette – 2002 – No. 123

Page 3290

✨ Financial Statements Notes



3290 NEW ZEALAND GAZETTE No. 123

HAWKE'S BAY NETWORK LIMITED – LINES BUSINESS

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2002

long service leave are calculated on an entitlement basis at current rates. Retirement gratuity liability is calculated using current rates and appropriate probabilities for all qualifying staff aged 50 years or over.

  1. Property, Plant and Equipment Intended for Sale
    Property, Plant and Equipment Intended for Sale are recognised at the lower of valuation and net realisable value.

Changes in Accounting Policies

The Company has changed its accounting policy for the valuation of Land and Buildings in order to comply with FRS-3: Property, Plant and Equipment. This standard came into effect for periods ending on or after 31 March 2002. It requires assets to be revalued at fair value, which has been determined by reference to their highest and best use. The previous policy had been to determine the value of those items by reference to their existing use. In accordance with the transitional provisions of FRS-3, the adjustment to the asset has been made in the Statement of Movements in Equity.

There have been no other changes from the accounting policies adopted in the last audited financial statements. All policies, other than the one change noted above, have been applied consistently with the previous period.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2002, No 123


Gazette.govt.nz — PDF NZ Gazette 2002, No 123




✨ LLM interpretation of page content

🏭 Hawke's Bay Network Limited Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
31 March 2002
Electricity, Financial Statements, Accounting Policies, Property, Plant, Equipment, Hawke's Bay Network Limited