New Zealand Gazette – 2006 – No. 170

Page 4919

✨ Financial Statements and Accounting Policies



12 DECEMBER 2006
NEW ZEALAND GAZETTE, No. 170
4919

POWERCO LIMITED

Gas 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, and the Financial Reporting Act 1993 and the Gas (Information Disclosure) Regulations 1997.

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
  • Goodwill

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

Significant accounting policies

The financial statements have been prepared on the historical cost basis, except for certain borrowings and financial instruments. Financial derivatives are carried at fair value and borrowings which have effective fair value hedges are carried at amortised cost adjusted for the fair value of interest rate risk covered by the effective hedge. The principal accounting policies adopted are set out below.

a) Critical accounting estimates and judgements

In the process of applying the groups accounting policies management have made no judgements that have had a significant effect on the amounts recognised in the financial statements.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2006, No 170


Gazette.govt.nz — PDF NZ Gazette 2006, No 170




✨ LLM interpretation of page content

🏭 Certification of Financial Statements and Performance Measures by Powerco Limited (continued from previous page)

🏭 Trade, Customs & Industry
6 December 2006
Gas, Information Disclosure, Financial Statements, Performance Measures, Certification, Powerco Limited

🏭 Statement of Accounting Policies for Powerco Limited

🏭 Trade, Customs & Industry
Accounting Policies, Financial Statements, Gas Division, Powerco Limited