✨ Financial Statements Notes
20 NOVEMBER 2006 NEW ZEALAND GAZETTE, No. 142 4119
TOP ENERGY LIMITED-LINE BUSINESS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2006
16 SEGMENT INFORMATION
The Lines business operates primarily in one industry, the electricity conveyance industry, and in one geographic location: Northland, New Zealand.
17 CAPITAL EXPENDITURE COMMITMENTS
Top Energy Ltd has commitments for capital expenditure of $139,436 at 31 March 2006 (31 March 2005: Nil).
18 CONTINGENT LIABILITIES
The Company and its subsidiaries provide bank guarantees, as it did in 2005.
19 EVENTS OCCURRING AFTER BALANCE DATE
There are no events which have arisen after the balance sheet date that require disclosure.
20 INTERNATIONAL FINANCIAL REPORTING STANDARDS
New Zealand Equivalents to International Financial Reporting Standards
In December 2002 the New Zealand Accounting Standards Review Board (ASRB) announced that New Zealand entities required to comply with NZ GAAP under Financial Reporting Act 1993 would be required to apply International Financial Reporting Standards (IFRS) for financial periods commencing on or after 1 January 2007 with earlier adoption permitted from 1 January 2005. The new standards that have been approved by the ASRB for application in New Zealand are referred to as New Zealand equivalents to International Financial Reporting Standards (NZ IFRS) as certain adaptations have been made to reflect New Zealand circumstances.
Top Energy Limited has commenced reviewing its accounting policies and financial reporting to comply with NZ IFRS. The Company has allocated internal resources and is carrying out impact assessments to isolate key areas that will be impacted by the transition to NZ IFRS and to facilitate adoption of NZ IFRS. The Company will transition to NZ IFRS and publish its first set of annual financial statements prepared under NZ IFRS for the year ending 31 March 2008.
The Company has yet to finalise its accounting policies under NZ IFRS and as a consequence is yet to quantify with any degree of certainty the adjustments that will be required in the statement of financial position on adoption of NZ IFRS and the impact on financial performance thereafter.
The key differences between current NZ GAAP and NZ IFRS identified to date as potentially having significant effect on the Company’s financial statements as summarized overleaf.
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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
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial Statements, Segment Information, Capital Expenditure, Contingent Liabilities, IFRS, Accounting Policies