✨ Gas Information Disclosure
NGC – Gas Retailing Activities
Statement of Accounting Policies
For the Year Ended 30 June 2005
For the purposes of the Gas (Information Disclosure) Regulations 1997
a) Accounting Entity
The financial statements are those of NGC – Gas Retailing Activities (NGC). Gas Retailing Activities involve the supply of gas to gas consumers. These financial statements apply solely to the activities of NGC New Zealand Limited but are published in the names of both NGC New Zealand Limited and Vector Limited because of Vector’s ownership of the NGC Group.
b) Special Purpose Financial Statements
The financial statements have been prepared in accordance with the Gas (Information Disclosure) Regulations 1997.
c) General Accounting Policies
The general accounting policies as recommended by the New Zealand Institute of Chartered Accountants for the measurement and reporting of financial performance and financial position, under the historical cost method, as modified by the revaluation of certain assets, have been followed in the preparation of these financial statements.
d) Particular Accounting Policies
The following particular accounting policies, which materially affect the measurement of financial performance and financial position have been adopted:
i) Valuation of Property, Plant and Equipment
All property, plant and equipment are included at cost less accumulated depreciation.
Construction in progress is recorded at cost. For projects having a cost in excess of $500,000 and a construction period of not less than three months, finance costs relating to that project are capitalised. The finance costs capitalised are based on the actual cost directly attributable to the construction of the asset. Where this is not clearly identifiable, NGC’s cost of debt is used.
Assets constructed by NGC are commissioned and transferred from construction in progress to property, plant and equipment as each facility or operating unit within a facility becomes operational and available for use.
ii) Current Assets
Accounts receivable and all other current assets are valued at their estimated realisable value.
iii) Depreciation
Non current assets are depreciated on a straight line basis.
The rates of depreciation vary according to the nature and economic lives of the assets and fall within the following ranges:
Plant, Equipment and Motor Vehicles 5 - 20 years
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2005, No 199
Gazette.govt.nz —
NZ Gazette 2005, No 199
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Gas Information Disclosure by NGC New Zealand Limited
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