New Zealand Gazette – 2005 – No. 23

Page 537

✨ Accounting Policies Statement



21 JANUARY 2005 NEW ZEALAND GAZETTE, No. 23

Unison Networks Limited – Lines Business

Statement of Significant Accounting Policies

For the year ended 31 March 2004

k. Employee Entitlements
A liability for annual leave, long service leave and retirement gratuities is accrued and recognised in the Statement of Financial Position. Liabilities for annual and long service leave are calculated on an entitlement basis at current rates. Retirement gratuity liability is calculated using current rates and appropriate probabilities for all qualifying staff aged 50 years or over. The calculations are based on the net present value of the estimated future cashflow. A discount rate of 6.5% and an inflation factor of 2.5% were used.

l. Properties Intended for Sale
Properties intended for sale are recognised at the lower of valuation and net realisable value.

m. Goodwill Arising on Acquisition
Goodwill arising on acquisition of subsidiaries/businesses/assets is amortised on a straight-line basis over the period of expected benefit or 20 years, whichever is the lesser.

n. Borrowings
Borrowings are stated at face value less unamortised discounts, premiums and prepaid interest. Discounts, premiums and prepaid interest are amortised to interest expenses on a yield to maturity basis over the period of the borrowing.

o. Goods and Services Tax
The financial statements have been prepared with revenue and expense items exclusive of GST. In the statement of financial position, accounts receivable and accounts payable are inclusive of GST. All other assets and liabilities are exclusive of GST.

p. Operating Leases
Payments made under operating leases are recognised in the Statement of Financial Performance on a basis representative of the pattern of benefits expected to be derived from the leased assets.

Changes in Accounting Policies

There have been no changes to accounting policies.



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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, Employee Entitlements, Annual Leave, Long Service Leave, Retirement Gratuities, Properties for Sale, Goodwill, Borrowings, Goods and Services Tax, Operating Leases, Unison Networks Limited