✨ Financial Statements
VECTOR Limited
Electricity Lines Business
Statements of Accounting Policies - continued
For the year ended 31 March 2003
q) Investments
Investments held for resale are stated at the lower of cost or net realisable value.
Changes in accounting policy
Property, plant and equipment
The Financial Standards Reporting Board recently issued a new standard FRS 3 Accounting for property, plant and equipment. Revaluations have been stated at highest and best use without deducting disposal costs. Previously, revaluations were prepared on the basis of current use.
The effect of applying FRS 3 has been to increase the amount of the revaluation of property, plant and equipment at 31 March 2003 by $155.1 million.
Business combinations
The Financial Reporting Standards Board recently issued two new standards FRS 36 Accounting for acquisitions resulting in combinations of entities or operations and FRS 37 Consolidating investments in subsidiaries. There has been no significant impact from the application of this standard.
With the exceptions of the above changes there has been no change in accounting policies and all policies have been applied on a basis consistent with those used in the prior year.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2003, No 133
Gazette.govt.nz —
NZ Gazette 2003, No 133
✨ LLM interpretation of page content
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Vector Limited Financial Position Statements
(continued from previous page)
🏭 Trade, Customs & Industry31 March 2003
Electricity, Financial Statements, Cash Flows, Operating Activities, Investing Activities, Financing Activities, Receipts, Payments, Dividends, Loans, Accounting Policies