✨ Gas Information Disclosure Accounting Policies
4206 NEW ZEALAND GAZETTE, No. 167 30 SEPTEMBER 2005
o) Foreign currency transactions
Transactions denominated in foreign currencies are translated at the New Zealand rate of exchange, using the average rate for the month in which the transactions occurred. At balance date foreign monetary assets and liabilities are translated at the closing rate and exchange variations arising from these transactions are included in the Statement of Financial Performance.
p) Translation of Financial Statements of Foreign Operations
Assets and liabilities of foreign operations are translated at the closing rate. Revenue and expense items are translated at a weighted average of exchange rates over the period, as a surrogate for the spot rates at transaction dates. Exchange differences arising from translation are taken to the foreign currency translation reserve and recognised in the Statement of Movements in Equity. The foreign operations are independent trading operations by wholly owned subsidiaries.
q) Goodwill
Goodwill arising on the acquisition of subsidiaries is recognised as an asset and separately disclosed. Goodwill is amortised in the statement of financial performance on a straight line basis over the period of expected benefits. To the extent that the unamortised balance of goodwill is no longer probable of being recovered from the expected future economic benefits, it is recognised immediately as an expense.
r) Goods and Services Tax (GST)
All items in the statement of financial position are stated exclusively of GST, with the exception of receivables and payables, which include GST. All items in the statement of financial performance and statement of cash flows are stated exclusive of GST.
s) Receivables
Accounts receivable are valued at expected realisable value, after providing for doubtful debts. All known bad debts have been written off during the period under review.
t) Revenue Recognition
Revenue from the sale of distribution and value-added services is recognised when services are provided.
u) Changes in Accounting Policies
There have been no changes to accounting policies. All policies have been applied on a basis consistent with prior years.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2005, No 167
Gazette.govt.nz —
NZ Gazette 2005, No 167
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Powerco Limited Gas Information Disclosure
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🏭 Trade, Customs & Industry21 September 2005
Gas, Information Disclosure, Powerco Limited, Accounting Policies, Foreign Currency Transactions, Financial Statements Translation, Goodwill, GST, Receivables, Revenue Recognition