New Zealand Gazette – 2005 – No. 143

Page 3490

✨ Financial Accounting Policies



Unison Networks Limited – Lines Business

Statement of Significant Accounting Policies

For the year ended 31 March 2005

STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

  • Reporting Entity

    Unison Networks Limited (Unison) is registered as a Company under the Companies Act 1993, and is an Energy Company in terms of the Energy Companies Act 1992.

    The financial statements have been prepared in accordance with the relevant provisions of these two Acts and the Financial Reporting Act 1993 and the Electricity Information Disclosure Requirements 2005.

  • Measurement System

    The general accounting principles recognised as appropriate for the measurement and reporting of earnings and financial position on a historical cost basis is followed by Unison, with the exception that certain property, plant and equipment have been revalued.

  • Specific Accounting Policies

    The following particular accounting policies, which materially affect the measurement of profit and the financial position, have been applied:

    a. Property, Plant and Equipment

    Owned Assets

    All owned items of property, plant and equipment are initially recorded at cost and, except for land, depreciated. These costs include the purchase consideration plus, where appropriate, site preparation costs, installation costs and all relevant overheads. Costs cease to be capitalised when substantially all the activities necessary to bring an asset to its intended location and condition are complete.

    The electrical distribution network is valued at fair value based on Optimised Depreciated Replacement Cost (ODRC) as independently determined by PricewaterhouseCoopers. These valuations were completed as at 31 March 2003.

    Land and buildings not included in the electrical distribution network are stated at valuation determined by Telfer Young Ltd, of Napier, an independent registered valuation company, as at 31 March 2002 and have been adjusted for additions at cost and depreciation at appropriate rates. The basis of valuation was fair value as defined under the Financial Reporting Standard 3 – Accounting for property, plant and equipment.

    All other items of property, plant and equipment are initially stated at cost and depreciated as outlined in note (b) below.

    Revaluations

    The electrical distribution network is revalued on a cyclical basis with no components being recognised at a valuation undertaken more than three years previously.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2005, No 143


Gazette.govt.nz — PDF NZ Gazette 2005, No 143




✨ LLM interpretation of page content

🏭 Unison Networks Limited - Statement of Significant Accounting Policies (continued from previous page)

🏭 Trade, Customs & Industry
Accounting policies, Financial reporting, Energy Companies Act 1992, Property valuation, Depreciation