✨ Financial Statements Accounting Policies
21 NOVEMBER 2006
NEW ZEALAND GAZETTE, No. 145
4163
(g) Goods and Services Tax
All items in the financial statements are net of Goods and Services Tax except for Debtors and Creditors which are shown in the Statement of Financial Position inclusive of GST.
(h) Financial Instruments
Westpower and its subsidiaries are party to financial instrument arrangements as part of everyday operations. These instruments include bank accounts, debtors, creditors, borrowings and interest rate swaps.
Revenues and expenses in relation to all financial instruments are recognised in the Statement of Financial Performance.
Unrealised revenue and expenses associated with electricity hedges are not recognised in the financial statements. Realised revenue and expenses are recognised in the Statement of Financial Performance on maturity of the hedging contracts and are incorporated as part of the cost of electricity.
All financial instruments are recognised in the Statement of Financial Position, with the exceptions of contingent liabilities and interest rate swaps which are disclosed by way of a note to the financial statements.
(i) Changes in Accounting Policies
There have been no changes in accounting policies. All other policies have been applied on a basis consistent with the previous year.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2006, No 145
Gazette.govt.nz —
NZ Gazette 2006, No 145
✨ LLM interpretation of page content
🏭
Taxation Accounting Policy
(continued from previous page)
🏭 Trade, Customs & IndustryTaxation, Deferred Taxation, Liability Method, Accounting Policies
💰 Goods and Services Tax Policy
💰 Finance & RevenueGST, Financial Statements, Debtors, Creditors
💰 Financial Instruments Accounting
💰 Finance & RevenueFinancial Instruments, Bank Accounts, Borrowings, Interest Rate Swaps, Hedging Contracts
💰 Accounting Policy Consistency
💰 Finance & RevenueAccounting Policies, Consistency, Previous Year