✨ Financial Statements Notes
24 NOVEMBER 2006
NEW ZEALAND GAZETTE, No. 148
4281
(Notes to the Consolidated Financial Statements Continued)
k) Work in Progress
The cost of work in progress includes the cost of direct material and direct labour used in putting replacement and new systems in their present location and condition.
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) 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 148
Gazette.govt.nz —
NZ Gazette 2006, No 148
✨ LLM interpretation of page content
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Financial Statements of Electricity Invercargill Limited Line Business
(continued from previous page)
🏭 Trade, Customs & Industry20 November 2006
Electricity, Financial Statements, Notes, Work in Progress, Financial Instruments, Operating Leases, Employee Entitlements