New Zealand Gazette – 2005 – No. 23

Page 535

✨ Accounting Policies



Unison Networks Limited – Lines Business

Statement of Significant Accounting Policies

For the year ended 31 March 2004

All other items of property, plant and equipment are initially stated at cost and depreciated as outlined in note 2(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.

Land and buildings are revalued on a cyclical basis at no more than 5 yearly intervals.

Any revaluation surplus arising on the revaluation of a class of property, plant or equipment is transferred directly to the asset revaluation reserve. A revaluation deficit in excess of the asset revaluation reserve balance for the class of property, plant or equipment is recognised in the Statement of Financial Performance in the period it arises. Revaluation surpluses which reverse previous revaluation deficits recognised in the Statement of Financial Performance are recognised as revenue in the Statement of Financial Performance.

Disposal of Property, Plant and Equipment

When an item of property, plant or equipment is disposed of, any gain or loss is recognised in the Statement of Financial Performance and is calculated as the difference between the sale price and the carrying value of the asset.

The carrying values of property, plant and equipment do not exceed their estimated recoverable value. Any revaluation surplus is reduced or increased by the amount applicable to that item.

b. Depreciation

Depreciation is provided on a straight line basis on all tangible items of property, plant and equipment other than freehold land, at rates calculated to allocate the assets cost or valuation less any residual value, over their estimated useful lives.

The estimated useful lives of property, plant and equipment are as follows:

Electrical Distribution Network

  • 33kV sub transmission: 35 – 70 Years
  • Zone substations, structures and equipment: 15 – 70 Years
  • Distribution transformers: 40 – 60 Years
  • Distribution switchgear: 35 – 55 Years
  • Overhead lines: 45 – 70 Years
  • Underground cables: 45 – 70 Years
  • Other distribution equipment: 10 – 45 Years

Other Plant, Property and Equipment

  • Freehold buildings: 60 – 100 Years
  • Land: Indefinite
  • Motor vehicles: 3 – 15 Years
  • Plant and equipment: 5 – 10 Years
  • Office furniture and equipment: 5 – 20 Years
  • Information technology: 3 – 10 Years


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2005, No 23


Gazette.govt.nz — PDF NZ Gazette 2005, No 23




✨ LLM interpretation of page content

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

🏭 Trade, Customs & Industry
Accounting Policies, Financial Statements, Property, Plant and Equipment, Valuation, Depreciation, Unison Networks Limited