New Zealand Gazette – 2006 – No. 169

Page 4880

✨ Financial Statements



POWERCO LIMITED

Electricity Division

Statement of Accounting Policies for the Financial Statements for the Year ended 30 June 2006

Reporting Entity

Powerco Limited is a company registered under the Companies Act 1993. The group consists of Powerco Limited and its subsidiaries.

The following activities were the principal activities undertaken by Powerco Limited throughout the period:

  • Distribution of electricity and value added services.
  • Distribution of gas and value added services.

These financial statements have been prepared to comply with the provisions of Section 44 of the Energy Companies Act 1992, the Companies Act 1993, and the Financial Reporting Act 1993.

Special purpose financial statements

These financial statements are made pursuant to Powerco’s obligations under the Electricity Information Disclosure Regulations 2004.

The Lines Business is treated as the core business and corporate activities are accounted for through the Line and Other Business financial statements. Powerco has adopted the avoidable cost allocation methodology stipulated in the Electricity Information Disclosure Regulations.

There are various matters, which relate across the whole integrated business. These are shown specifically in the respective notes where relevant.

Adoption of new and revised International Financial Reporting Standards

In the current year, the Company had adopted all of the applicable new and revised Standards and Interpretations issued by the International Accounting Standards Board (the IASB) and the International Financial Reporting Interpretations Committee (IFRIC) of the IASB that are relevant to its operations and effective for accounting periods beginning on or after 1 January 2005. The adoption of these new and revised Standards and Interpretations has resulted in changes to the Company’s accounting policies in the following areas that have affected the amounts reported for the current or prior years:

  • Accounting for Income Tax
  • Financial Instruments

The transition to NZ IFRS is accounted for in accordance with NZ IFRS-1.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2006, No 169


Gazette.govt.nz — PDF NZ Gazette 2006, No 169




✨ LLM interpretation of page content

🏭 Audit Report for Powerco Limited – Electricity Division (continued from previous page)

🏭 Trade, Customs & Industry
6 December 2006
Audit, Financial Statements, Commerce Commission, Powerco Limited, Electricity, Disclosure Requirements, NZ IFRS, GAAP