New Zealand Gazette – 2004 – No. 119

Page 2884

✨ Financial Statements Notes



2884

NEW ZEALAND GAZETTE, No. 119

14 SEPTEMBER 2004

c) Depreciation of Property, Plant and Equipment

Depreciation rates based on remaining useful life, for major classes of asset are:

| Land | Not Depreciated |
| Buildings | 100 years |
| Furniture and Fittings | 5 to 10 years |
| Office Equipment | 3 to 10 years |
| Motor Vehicles | 5 years |
| Network Systems | 10 to 60 years |

d) Properties intended for Resale

Properties intended for resale are shown at the lower of cost or net current value.

e) Receivables

Accounts receivable are valued at expected realisable value, after providing for doubtful debts. All known bad debts have been written off during the period under review.

f) Income Tax

The group adopts the liability method of accounting for deferred taxation.

The taxation charge against the surplus of the period is the estimated liability in respect of that surplus using a proforma income tax rate of 33%.

g) Inventory

Inventory is valued at the lower of historical cost and net realisable value. The weighted average method has been used to determine historical cost.

h) Investments

Investments are valued at the lower of cost and net realisable value.

i) Revenue Recognition

Revenue from the sale of distribution and value-added services is recognised when services are provided.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2004, No 119


Gazette.govt.nz — PDF NZ Gazette 2004, No 119




✨ LLM interpretation of page content

🏭 Notes to the Financial Statements of Powerco Limited (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Accounting Policies, Powerco Limited, Companies Act 1993, Energy Companies Act 1992, Gas Information Disclosure Regulations 1997, Depreciation, Property, Plant and Equipment, Receivables, Income Tax, Inventory, Investments, Revenue Recognition