✨ Financial Statements Notes
HORIZON ENERGY DISTRIBUTION LIMITED – Lines Business
Financial Statements for the purposes of the
Electricity Information Disclosure Requirements 2004
Notes to the Financial Statements
for the year ended 31 March 2004
risk that market rates may change subsequent to acquisition, such changes would generally be offset by opposite effects on the items hedged.
Financial instruments entered into with no underlying exposure are accounted for on a mark to market basis.
viii) Research and Development
Costs incurred on all research and development projects are written off as incurred, except that development costs are capitalised to the extent that such costs are expected, beyond any reasonable doubt, to be recovered.
ix) Foreign Currency
Foreign currency transactions are recorded at exchange rates in effect at the date of settlement, except where forward contracts have been taken out to cover future commitments. Where forward contracts have been taken out, the transaction is translated at the rate contained in the contract. Monetary assets and liabilities arising from trading transactions are translated at closing rates. Gains or losses due to currency fluctuations on these items are included in the statement of financial performance.
x) Comparatives
The statements and notes do not restate comparatives or provide comparatives for new disclosure items per the Electricity Information Disclosure Requirements 2004, or for “Other” business first separated out in 2003.
C. Changes in Accounting Policies
Valuation of Distribution System Assets
This year the Company has readopted the previous policy of revaluing distribution system assets on the basis of depreciated replacement cost every three years.
This policy was changed last year to align the valuation period with the Regulatory Regime, to avoid duplicating valuation costs.
The change in accounting policy resulting in the March 2004 revaluation has increased the 31 March 2004 value of Fixed Assets and the Asset Revaluation Reserve by $10.62 million.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2004, No 172
Gazette.govt.nz —
NZ Gazette 2004, No 172
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Financial Statements Notes for Horizon Energy Distribution Limited
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🏭 Trade, Customs & IndustryFinancial Statements, Accounting Policies, Research and Development, Foreign Currency, Comparatives, Valuation of Distribution System Assets