New Zealand Gazette – 2006 – No. 171

Page 4944

✨ Financial Statements Accounting Policies



4944 NEW ZEALAND GAZETTE, No. 171 13 DECEMBER 2006

Goods and Services Tax (GST)

The financial statements have been prepared with revenue and expense items exclusive of GST. In the Statement of Financial Position, accounts receivable and accounts payable are inclusive of GST. All other assets and liabilities are exclusive of GST.

Receivables

Receivables are carried at anticipated realisable value. An estimate is made for doubtful receivables based on a review of all outstanding amounts at year end. Bad debts are written off during the year in which they are identified.

Inventories

Inventories are valued at the lower of weighted average cost and net realisable value.

Property, Plant and Equipment

Distribution Assets

Distribution assets are valued at fair value based on Optimised Depreciated Replacement Cost (ODRC) as independently determined by Craig Rice BCom, Bachelor of Laws and Lynne Taylor Bachelor of Social Science of PricewaterhouseCoopers and Eddie Graham B.E(Elec.) FIPENZ. These valuations were completed as at 31 March 2004.

Land and Buildings

Land and Buildings assets are valued at market value as independently determined by Peter A Brabyn, B Ag Comm, M Sc, (Ag Econ) ANZPI, MNZIPIM. These valuations were completed as at 31 March 2006.

Vehicles, Plant, Furniture and Fittings and Office Equipment

The value of vehicles, plant, office equipment, furniture and fittings are at cost less depreciation.

Revaluations

Any revaluation surplus arising on the revaluation of a class of property, plant or equipment is transferred directly to the asset revaluation reserve. A revaluation deficit in excess of the asset revaluation reserve balance for the class of property, plant or equipment is recognised in the Statement of Financial Performance in the period it arises. Revaluation surpluses which reverse previous revaluation deficits recognised in the Statement of Financial Performance are recognised as revenue in the Statement of Financial Performance.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2006, No 171


Gazette.govt.nz — PDF NZ Gazette 2006, No 171




✨ LLM interpretation of page content

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

🏭 Trade, Customs & Industry
27 November 2006
Financial statements, Performance measures, Certification, Commerce Commission, Electricity Information Disclosure Requirements, GST, Receivables, Inventories, Property, Plant and Equipment, Distribution assets, Land and Buildings, Vehicles, Plant, Furniture and Fittings, Office Equipment, Revaluations
  • Craig Rice (BCom, Bachelor of Laws), Valuer of distribution assets
  • Lynne Taylor (Bachelor of Social Science), Valuer of distribution assets
  • Eddie Graham (B.E(Elec.) FIPENZ), Valuer of distribution assets
  • Peter A Brabyn (B Ag Comm, M Sc, (Ag Econ) ANZPI, MNZIPIM), Valuer of land and buildings