✨ Gas Retailing Financial Statements
28 NOVEMBER 2006 NEW ZEALAND GAZETTE, No. 154 4471
NGC Gas Retailing Activities
Statement of Accounting Policies
For the Year Ended 30 June 2006
For the purposes of the Gas (Information Disclosure) Regulations 1997
e) Specific Accounting Polices (Continued)
iii) Depreciation
Non current assets are depreciated on a straight line basis.
The rates of depreciation vary according to the nature and economic lives of the assets and fall within the following range:
Plant, Equipment and Motor Vehicles 5 - 20 years
iv) Leased Assets
Certain plant, equipment, land and buildings are leased. Under operating leases, all the risks and benefits of ownership are effectively retained by the lessor. Operating lease payments are expensed in the period in which they are incurred.
v) Taxation
The income tax expense recognised for the period is based on the operating surplus before taxation, adjusted for permanent differences between accounting and tax rules. The impact of all timing differences between accounting and taxable income is recognised as a deferred tax liability or asset. This is the comprehensive basis for the calculation of deferred tax under the liability method. A deferred tax asset, or the effect of tax losses carried forward, is recognised in the financial statements only where there is virtual certainty that the benefit of the timing differences, or losses, will be utilised.
f) Comparatives
The presentation of certain comparatives has been restated to ensure consistency with the current year’s disclosures.
g) Changes in Accounting Policies
There have been no changes in accounting policies. These policies have been applied on a consistent basis during the year.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2006, No 154
Gazette.govt.nz —
NZ Gazette 2006, No 154
✨ LLM interpretation of page content
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Certification of NGC Gas Retailing Financial Statements
(continued from previous page)
💰 Finance & Revenue9 November 2006
Financial Statements, Gas Retailing, Audit Certification, NGC Holdings Limited, Revenue, Expenses, Income Tax, Depreciation, Leased Assets, Taxation, Accounting Policies