✨ Financial Statements
22 FEBRUARY 2008 NEW ZEALAND GAZETTE, No. 33 751
(c) Fixed Assets and Depreciation
(i) Valuation
Fixed Assets comprise:
Distribution System Assets (being the network system consisting of distribution and transmission lines and cables, zone substations, distribution transformers, protection and control equipment, communications equipment and metering).
Other Assets (being land, buildings, plant and equipment, motor vehicles, furniture and fittings).
Distribution System Assets have been revalued to Depreciated Replacement Cost as at 31 March 2007. The valuation was completed in house by Westpower’s Asset Manager and reviewed by Kerslake and Partners, Registered Valuers.
Land and Buildings have been revalued to market value as at 31 March 2004. The valuation was conducted by Coast Valuations Limited, registered valuers.
All other fixed assets are valued at cost less accumulated depreciation where applicable.
Distribution system assets are revalued on a cyclical basis with no individual asset being included at a valuation made more than three years previously.
Additions between revaluations are recorded at cost.
(ii) Depreciation
Distribution Assets are depreciated using the straight line method at rates which amortise the cost or valuation less estimated residual value over their economic lives.
The main basis are periods not exceeding:
Electricity Distribution System 15 – 70 years
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2008, No 33
Gazette.govt.nz —
NZ Gazette 2008, No 33
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Westpower Limited Statement of Accounting Policies
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