✨ Financial Statements Notes
20 NOVEMBER 2006
NEW ZEALAND GAZETTE, No. 142
4109
TOP ENERGY LIMITED-LINE BUSINESS
NOTES TO THE FINANCIAL STATEMENTS
STATEMENT OF ACCOUNTING POLICIES
FOR THE YEAR ENDED 31 MARCH 2006
8 Financial Instruments
Top Energy Ltd has entered into various financial instruments with risk for the primary purpose of reducing its exposure of interest. While these financial instruments are subject to risk that market rates may change subsequent to acquisition, such changes would generally by offset by opposite effects on the items being hedged.
Recognised
Financial instruments carried on the statement of financial position include cash, bank, accounts receivable, accounts payable, and term debt. The particular recognition methods adopted are disclosed in the individual policy statements associated with each item.
Unrecognised
Financial instruments, including derivatives, that are designated as hedges of specific items are recognised on the same basis as the underlying hedged items. Derivatives that do not constitute hedges are stated at market value and any resultant gain or loss is recognised in the statement of financial performance.
The net differential paid or received in interest rate swaps is recognised as a component of interest expense over the period of the swap agreement.
9 Employee entitlements
Employee entitlements to salaries and wages, annual leave and other benefits are recognized when they accrue to employees.
Changes in Accounting Policies
There were no material changes in accounting policy during the year.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2006, No 142
Gazette.govt.nz —
NZ Gazette 2006, No 142
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Top Energy Limited Notes to the Financial Statements
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