✨ Financial Reporting Standards
26 FEBRUARY 2008 NEW ZEALAND GAZETTE, No. 37 855
15. OPTIMISED DEPRIVAL VALUE VALUATION
The ODV valuation of Counties Power Limited Lines Business Distribution
System assets was calculated as $127,483,000 at 31 March 2007. This is based
on comprehensive valuation undertaken by Sinclair Knight Merz Limited, at 31
March 2004, updated for additions and depreciation occurring in 2005, 2006 and
2007. This valuation has been used as the basis for calculation of financial
performance measures on pages 22 and 23.
16. IMPLEMENTATION OF INTERNATIONAL FINANCIAL REPORTING
In December 2002 the Accounting Standards Review board announced that
New Zealand reporting entities are required to comply with the New Zealand
equivalents to International Financial Reporting Standards (NZ IFRS) for
periods commencing on or after 1 January 2007.
The company will adopt NZ IFRS for the year ended 31 March 2008. Transition
from existing NZ GAAP to NZ IFRS will be made in accordance with NZ IFRS
1 'First-time Adoption of New Zealand Equivalents to International Financial
Reporting Standards'.
The company is well advanced in evaluating the impact of NZ IFRS on its
financial statements. The key areas identified that have a significant impact on
the opening NZ IFRS comparative position of the company are outlined below.
To comply with NZ IFRS on initial adoption, Counties Power Limited will need
to restate its Statement of Financial Position as at 31 March 2006 and as at 31
March 2007 and restate its Statement of Financial Performance, Statement of
Movements in Equity and the Statement of Cash Flows for the year ended 31
March 2007. The first set of financial statements that Counties Power Limited
will publish under NZ IFRS will be the financial statements for the year ended
31 March 2008. These current financial statements for the year ended 31 March
2007 will be the last set published under current New Zealand accounting
standards.
The impact of adopting NZ IFRS will only be finalised when the first complete
set of NZ IFRS Financial Statements are prepared at 31 March 2008. Until this
time the NZ IFRS standards and the application of those standards may be
subject to change.
While every effort has been made to quantify and disclose the potential impacts
of adopting NZ IFRS, the actual impact of adopting NZ IFRS may vary from
the information presented below, and the variation may be material. This
summary should not be taken as an exhaustive list of all the differences between
existing NZ FRS and NZ IFRS that may impact the company.
Next Page →
Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2008, No 37
Gazette.govt.nz —
NZ Gazette 2008, No 37
✨ LLM interpretation of page content
💰
Optimised Deprival Value Valuation of Counties Power Limited Lines Business Distribution System Assets
(continued from previous page)
💰 Finance & Revenue26 February 2008
Optimised Deprival Value, Valuation, Distribution System Assets, Sinclair Knight Merz Limited, Financial Performance Measures
💰 Implementation of International Financial Reporting Standards by Counties Power Limited
💰 Finance & Revenue26 February 2008
International Financial Reporting Standards, NZ IFRS, Financial Statements, Transition, NZ GAAP, Financial Performance, Statement of Financial Position, Statement of Movements in Equity, Statement of Cash Flows