New Zealand Gazette – 2003 – No. 95

Page 2508

✨ Financial Statements Notes

2508 NEW ZEALAND GAZETTE No. 95

Notes to the financial statements (continued)

For the year ended 31 March 2003

(E) Financial instruments

The Company is party to financial instruments as part of its normal operations. These financial instruments include bank accounts, investments, accounts receivable, accounts payable and term borrowings. All financial instruments are recognised in the statement of financial position and all revenues in relation to financial instruments are recognised in the statement of financial performance.

Except for those items covered by a separate accounting policy, all financial instruments are shown at their fair value.

(F) Employee Entitlements

A liability for annual leave and long service leave is accrued and recognised in the statement of financial position. The liability is calculated on an actual entitlement basis.

(G) Foreign Currency Transactions

Transactions denominated in foreign currencies are translated into the reporting currency using the exchange rate in effect at the transaction date.

Monetary items receivable or payable in a foreign currency, other than those resulting from short term transactions covered by forward exchange contracts, are translated at balance date at the closing rate. For transactions covered by short term forward exchange contracts, the rates specified in those contracts are used as the basis for measuring and reporting the transaction.

Exchange differences on foreign currency balances are recognised in the Statement of Financial Performance.

(H) Changes in Accounting Policies

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

VUW Te Waharoa — NZ Gazette 2003, No 95

Gazette.govt.nz — NZ Gazette 2003, No 95

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

🏭 Notes to the financial statements (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial statements, Accounting policies, Financial instruments, Employee entitlements, Foreign currency transactions, Exchange differences

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