✨ Financial Statements Notes
31 AUGUST 2005 NEW ZEALAND GAZETTE, No. 151 3705
(Notes to the Consolidated Financial Statements Continued)
k) Work in Progress
The cost of work in progress includes the cost of direct material and direct labour used in putting replacement and new systems in their present location and condition.
l) Financial Instruments
The Line Business is party to financial instrument arrangements as part of its everyday operations. Revenues and expenses in relation to all financial instruments are recognised in the Statement of Financial Performance on an accrual basis.
The Line Business has no off-balance sheet exposures. The Line Business values all financial instruments at fair value in the Statement of Financial Position.
m) Operating Leases
Leases where the lessor effectively retains substantially all the risks and benefits of ownership of the leased items are classified as operating leases. Payments under these leases are recognised as expenses in the periods in which they are incurred.
n) Employee Entitlements
Provision is made in respect of the Company’s liability for annual and long service leave. Leave has been calculated on an actual entitlement basis at current rates of pay.
CHANGES IN ACCOUNTING POLICIES
There have been no changes in accounting policies during the year ended 31 March 2005.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2005, No 151
Gazette.govt.nz —
NZ Gazette 2005, No 151
✨ LLM interpretation of page content
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Financial Statements for Electricity Invercargill Limited Line Business
(continued from previous page)
🏭 Trade, Customs & Industry25 August 2005
Financial Statements, Electricity, Invercargill, Accounting Policies, Work in Progress, Financial Instruments, Operating Leases, Employee Entitlements