✨ Financial Disclosures
5016 NEW ZEALAND GAZETTE, No. 199 30 NOVEMBER 2005
iv) Leased Assets
NGC leases certain plant, equipment, land and buildings. Under operating leases, all the risks and benefits of ownership are effectively retained by the lessor. Operating lease payments are expensed in the period in which they are incurred.
v) Taxation
NGC recognises deferred taxation using the liability method and on a comprehensive basis. Income tax expense is recognised on the surplus before taxation. It is then adjusted for permanent differences between taxable and accounting income. The tax effect of all differences, which arise from items being brought to account in different periods for income tax and accounting purposes, is recognised in the Statement of Financial Position as a future tax benefit or as deferred tax. The future tax benefit or deferred tax is stated at the income tax rates prevailing at balance date. Future tax benefits are not recognised unless realisation of the asset is virtually certain. Future tax benefits and deferred tax are offset.
e) Changes in Accounting Policies
There have been no changes in accounting policies. These policies have been applied on a consistent basis during the year.
f) Comparatives
The presentation of certain comparatives has been restated to ensure consistency with current year disclosures.
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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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🏭 Trade, Customs & IndustryGas, Financial Performance, Revenue, Expenses, Surplus, Taxation, NGC New Zealand Limited