✨ Financial Statements Disclosure
3 MARCH 2008
NEW ZEALAND GAZETTE, No. 46
1313
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.
r) 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.
s) Cash Flow Statement
The Statement of Cash Flows is prepared exclusive of GST. For the purposes of the Statement of Cash Flows, cash and cash equivalents includes cash on hand, cash in banks and investments in money market instruments, net of outstanding bank overdrafts.
Operating activities include all transactions and other events that are not investing or financing activities.
Investing activities are those activities relating to the acquisition and disposal of current and non-current investments and any other non-current assets.
Financing activities are those activities relating to changes in the equity and debt capital structure of the Division and those activities relating to the cost of servicing the Division’s equity capital.
f) Comparative amounts
Change of Balance Date for Reporting Purposes:
During the previous financial years the reporting period of the Electricity Financial Information Disclosure Statements of Powerco Limited - Electricity Division were for a 12-month period commencing 1 July to 30 June each year.
However, in accordance with new Disclosure Regulations being drafted by the NZ Commerce Commission it is evident that this period would now change to a 12-month period ending 31 March each year with effect from the 2008 year. In view of this proposed change the Directors felt that it would be prudent to adopt the new balance date for the 2007 year as 31 March 2007.
Therefore, the attached financial statements cover a period to 31 March 2007 as follows.
- Balance Sheet as at 31 March 2007 and comparative Balance Sheet as at 30 June 2006.
- Income Statement for a 12-month period ending 31 March 2007. Income Statement for a 9 month period ending 31 March 2007 and comparative Income Statement for the 12-month period ending 30 June 2006. The 12 month Income Statement for the year ending 31 March 2007 includes three months of results that have been included in the comparative Income Statement. The reason for this is because the Electricity Information Disclosure Requirements 2004 require a 12-month Income Statement to be disclosed.
- Statement of Movements in Equity for a 9-month period ending 31 March 2007 and comparative Statement of Movements in Equity for a 12-month period ending 30 June 2006.
- Cash Flow Statement for a 9-month period ending 31 March 2007 and comparative Cash Flow Statement for a 12-month period ending 30 June 2006.
As a result of this change the comparative amounts for the previous period are not entirely comparable to the previous reporting period.
Next Page →
Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2008, No 46
Gazette.govt.nz —
NZ Gazette 2008, No 46
✨ LLM interpretation of page content
🏭
Statement of Accounting Policies for Powerco Limited – Electricity Division
(continued from previous page)
🏭 Trade, Customs & Industry25 February 2008
Accounting Policies, Financial Statements, Powerco Limited, Electricity Division, Financial Assets, Financial Liabilities, Term Debt, Trade Payables, Derivative Instruments, Hedge Accounting, Employee Entitlements, Superannuation Plans, Impairment, Contributed Capital, Dividend Distribution, Leases, Revenue Recognition, Taxation, Inter-division Account, Cash Flow Statement, Change of Balance Date