✨ Financial Statements Notes
8 NOVEMBER 2006 NEW ZEALAND GAZETTE, No. 131 3771
l) Financial Instruments
The Line Business is party to financial instrument arrangements as part of its everyday operations. Revenues and expenses in relation to all financial instruments are recognised in the Statement of Financial Performance on an accrual basis.
The Line Business has no off-balance sheet exposures. The Line Business values all financial instruments at fair value in the Statement of Financial Position.
m) Operating Leases
Leases where the lessor effectively retains substantially all the risks and benefits of ownership of the leased items are classified as operating leases. Payments under these leases are recognised as expenses in the periods in which they are incurred.
n) Foreign Currency
Transactions covered by short-term forward exchange contracts are translated at the exchange rates specified in those contracts. Other foreign currency transactions are translated to New Zealand currency at the exchange rates ruling at the dates of the transactions. There are no assets or liabilities in foreign currencies at balance date.
o) Employee Entitlements
Provision is made in respect of the Company’s liability for annual and long service leave. Leave has been calculated on an actual entitlement basis at current rates of pay.
Changes in Accounting Policies
There have been no changes in accounting policies during the year ended 31 March 2006.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2006, No 131
Gazette.govt.nz —
NZ Gazette 2006, No 131
✨ LLM interpretation of page content
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Notes to Financial Statements for The Power Company Limited
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial Instruments, Operating Leases, Foreign Currency, Employee Entitlements, Accounting Policies, The Power Company Limited