✨ Financial Accounting Standards
9 DECEMBER 2008 NEW ZEALAND GAZETTE, No. 191 5009
Current and deferred tax is recognised as an expense or income in the Income Statement, except when it relates to items credited or debited directly to equity, in which case the deferred tax or current tax is also recognised directly in equity, or where it arises from the initial accounting for a business combination, in which case it is taken into account in the determination of goodwill or excess.
q) Inter-division account
The inter-division account represents the balance due to other Divisions within Powerco Limited. The balance is the result of inter-divisional transactions since the Division was established.
Changes in Accounting Policies
There have been no changes in accounting policies during the year.
Standards, Amendments and Interpretations issued but not yet effective
At the date of authorisation of the financial report, a number of Standards and Interpretations were in issue but not yet effective.
Initial application of the following Standards will not affect any of the amounts recognised in the financial report, but will change the disclosures presently made in relation to the Division’s financial report:
| Standard | Effective for annual reporting periods beginning on or after | Expected to be initially applied in the financial year ending |
|---|---|---|
| NZ IAS-1 ‘Presentation of Financial Statements’ – Revised Standard | 1 January 2009 | 30 June 2010 |
| NZ IFRS-8 ‘Operating Segments’ | 1 January 2009 | 30 June 2010 |
Initial application of the following Standards and Interpretations is not expected to have any material impact to the financial statements of the Division:
| Standard/Interpretation | Effective for annual reporting periods beginning on or after | Expected to be initially applied in the financial year ending |
|---|---|---|
| NZ IAS-23 ‘Borrowing Costs’ – revised standard | 1 January 2009 | 30 June 2010 |
| NZ IFRS-3 ‘Business Combinations’ - Revised Standard | 1 July 2009 | 30 June 2010 |
| NZIAS-27 ‘Consolidated and Separate Financial Statements’ – Revised Standard | 1 July 2009 | 30 June 2010 |
| NZIAS-32 ‘Financial Instruments: Presentation’ and NZIAS-1 ‘Presentation of Financial Statements’ Puttable Financial Instruments and Obligations Arising on Liquidation – Revised Amendments | 1 January 2009 | 30 June 2010 |
| Improvements to New Zealand Equivalents to International Financial Reporting Standards 2008 | Various* | 30 June 2010 |
Other standards/interpretations which are not included above are not relevant to the Division.
- The effective date and transitional provisions vary by Standard. Most of the improvements are effective for annual periods beginning on or after 1 January 2009, with earlier adoption permitted, and they are to be applied retrospectively.
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NZ Gazette 2008, No 191
✨ LLM interpretation of page content
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Financial Accounting Policies
(continued from previous page)
💰 Finance & RevenueTax Recognition, Inter-division Accounts, Accounting Standards, Financial Statements
💰 Changes in Accounting Policies
💰 Finance & RevenueAccounting Policies, No Changes
💰 Standards, Amendments and Interpretations issued but not yet effective
💰 Finance & RevenueFinancial Standards, Amendments, Interpretations, NZ IAS-1, NZ IFRS-8, NZ IAS-23, NZ IFRS-3, NZ IAS-27, NZ IAS-32