✨ Accounting Policies Statement
28 NOVEMBER NEW ZEALAND GAZETTE 4549
2.3 STATEMENT OF ACCOUNTING POLICIES continued
Accounts receivable
Accounts receivable are stated at estimated realisable value after providing against debts where collection is doubtful.
Provisions
Employee entitlements
Employee entitlements to salaries and wages, annual leave, long-term leave and other benefits are recognised when they accrue to employees.
The liability for employee entitlements is carried at the present value of the estimated future cash outflows.
Changes in Accounting policies
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 this standard has been to increase the Gas revaluation of property, plant and equipment by $39.3 million.
With the exception of the above change there have been no changes in accounting policies during the period and all policies have been applied on a basis consistent with those used in the prior period.
Financial Year
UnitedNetworks financial year end has changed from 31 December to 30 June. To bring reporting into line with the new financial year end this disclosure is for the six month period of 1 January 2003 to 30 June 2003.
Future disclosures will be for the twelve month period 1 July to 30 June.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2003, No 163
Gazette.govt.nz —
NZ Gazette 2003, No 163
✨ LLM interpretation of page content
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Statement of Accounting Policies for UnitedNetworks Limited
(continued from previous page)
🏭 Trade, Customs & IndustryAccounting Policies, Financial Statements, UnitedNetworks Limited, Accounts Receivable, Employee Entitlements, Financial Standards Reporting Board, FRS 3, Property Plant Equipment, Financial Year Change