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New Zealand Gazette – 2004 – No. 171

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✨ Financial Statements Notes

NEW ZEALAND GAZETTE, No. 171

22 DECEMBER 2004

4259

TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2004

1. STATEMENT OF ACCOUNTING POLICIES

Reporting Entity

These financial statements are for the lines business of Transpower New Zealand Limited Lines Business (The Transpower Lines Business).

The financial statements are presented in accordance with the State-Owned Enterprises Act 1986, the Financial Reporting Act 1993 and the Electricity Information Disclosure Requirements 2004.

The Electricity Information Disclosure Handbook has been followed in the preparation of these financial statements.

The avoidable cost allocation methodology (ACAM) is used for allocating costs and assets and liabilities between the Lines business and Other businesses.

Measurement Base

The measurement basis is historical cost except as modified by the revaluation of certain investments.

Accounting Policies

The following accounting policies are applied:

(a) Principles of Consolidation

The Transpower Lines Business financial statements are prepared from the financial statements of Transpower and its subsidiaries which underlie lines business activities, as at 30 June 2004. The purchase method is used to consolidate subsidiary companies. All significant transactions between group companies are eliminated on consolidation.

(b) Revenue

Revenue shown in the Statement of Financial Performance comprises the amounts received and receivable by the Transpower Lines Business for transmission services. Dividends received and interest income from investments are included within net finance costs.

The Statement of Financial Performance and the Statement of Cash Flows have been prepared so that all components are stated exclusive of GST. All items in the Statement of Financial Position are stated net of GST with the exception of receivables and payables which include GST invoiced.

VUW Te Waharoa — NZ Gazette 2004, No 171

Gazette.govt.nz — NZ Gazette 2004, No 171

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✨ LLM interpretation of page content

🏭 Financial Performance of Transpower New Zealand Limited Lines Business (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated22 December 2004
KeywordsFinancial Statements, Accounting Policies, Revenue, Consolidation

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