✨ Financial Accounting Policies
26 AUGUST 2005 NEW ZEALAND GAZETTE, No. 142 3461
Depreciation
Depreciation of property, plant and equipment, other than freehold land, is calculated on a straight line basis so as to expense the cost of the assets, or the revalued amounts, to their residual values over their useful lives as follows:
Estimated useful lives
Buildings 50 - 100 years
Office and computer equipment 5 - 15 years
Distribution system 0 - 70 years
Motor vehicles 3 - 15 years
GIS 10 years
Plant, equipment and tools 5 - 10 years
Employee Entitlements
A liability for annual leave, long service leave and retirement gratuities is accrued and recognised in the Statement of Financial Position. Liabilities for annual and long service leave are calculated on an entitlement basis at current rates. Retirement gratuity liability is calculated using current rates and appropriate probabilities.
Investments
All investments are stated at cost price and then adjusted to account for amortisation of premiums or discounts to face value.
Financial Instruments
Financial instruments recognised in the Statement of Financial Position include cash and bank balances, investments, receivables and trade creditors. These financial assets and financial liabilities are generally carried at their estimated fair values and, where appropriate, particular recognition methods adopted are disclosed in the individual policy statements associated with each item.
Statement of Cash Flows
The following are the definitions of the terms used in the statement of cash flows:
(1) Operating activities include all transactions and other events that are not investing or financing activities.
(2) Investing activities are those activities relating to the acquisition, holding and disposal of property, plant and equipment and of investments. Investments include securities not falling within the definition of cash.
(3) Financing activities are those activities that result in changes in the size and composition of the capital structure. This includes both equity and debt not falling within the definition of cash.
(4) Cash is considered to be cash on hand and current accounts in banks, net of bank overdrafts.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2005, No 142
Gazette.govt.nz —
NZ Gazette 2005, No 142
✨ LLM interpretation of page content
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Certification of Financial Statements and Performance Measures by Centralines Limited
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🏭 Trade, Customs & Industry18 August 2005
Financial statements, Performance measures, Centralines Limited, Electricity Information Disclosure Requirements 2004, Depreciation, Employee entitlements, Investments, Financial instruments, Cash flows