New Zealand Gazette – 2004 – No. 157

Page 3869

✨ Financial Statements



30 NOVEMBER 2004
NEW ZEALAND GAZETTE, No. 157
3869

vi) Deferred Expenditure
Deferred expenditure is expenditure which provides benefits beyond the current accounting period and is written off over periods up to ten years. These expenditures relate to the connection of new customers to the gas system and the conversion of existing customers’ appliances to the use of natural gas.

vii) Goodwill
The excess of cost over the fair value of businesses acquired is recognised as goodwill and is amortised to the Statement of Financial Performance over periods of up to 20 years.

viii) Changes in Accounting Policies
There have been no changes in accounting policies.

  1. Surplus before Taxation

$ Thousands
2004 2003
Surplus before Taxation is stated after charging:
Audit fees and expenses 28 28
Fees for other services paid to the Auditors - -
Depreciation 233 496

  1. Taxation

$ Thousands
2004 2003
The Income Tax Expense has been calculated as follows:
Surplus before taxation 38,075 76,458
Income tax at 33% 12,565 25,231

Adjustments to tax for:
Non-assessable income - (12,251)
Non-deductible expenditure 301 1,368
Tax charge 12,866 14,348



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2004, No 157


Gazette.govt.nz — PDF NZ Gazette 2004, No 157




✨ LLM interpretation of page content

🏭 Certification of NGC Gas Retailing Activities Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
26 November 2004
Financial Statements, Accounting Policies, Gas Retailing, NGC