New Zealand Gazette – 2008 – No. 46

Page 1314

✨ Financial Statements Adjustments



1314 NEW ZEALAND GAZETTE, No. 46 3 MARCH 2008

A change has been made to the Division's comparative numbers in the Balance Sheet in relation to
other financial liabilities. Previously financial assets in relation to hedges were disclosed within other
financial liabilities, but it was decided that it would provide more clarity if disclosed separately. The
effect of this reclassification is as follows ($'000):

Original disclosure Adjustment Revised disclosure
Other financial liabilities (29,234) (4,442) (33,656)
Other current financial assets - 665 665
Other non-current financial assets - 3,757 3,757

A change has also been made to the Division's comparative numbers in the Balance Sheet in relation to
retained earnings and reserves. Previously an adjustment related to the restatement of balances due to
the transition to NZ IFRS was taken up against the Reserves figure. The correct treatment should have
been to take the adjustment to Retained Earnings as part of the transition to NZ IFRS. The effect of this
reclassification is as follows ($'000):

Original disclosure Adjustment Revised disclosure
Retained earnings (4,778) (17,087) (21,865)
Reserves (21,252) 17,087 (4,165)

A change has also been made to the Division's comparative numbers in the Balance Sheet in relation to
provisions and trade and other payables. Previously the amount related to the provision for employee
entitlements had been included in the trade and other payables amount. It was decided it would provide
more clarity to disclose this provision separately. The effect of this reclassification is as follows ($'000):

Original disclosure Adjustment Revised disclosure
Trade and other payables (22,480) 1,810 (20,671)
Provisions - (1,810) (1,810)

A change has also been made to the Division's comparative numbers in the Income Statement in
relation AC rebates received and passed on. It was decided it would provide more clarity to instead
show these rebates separately as revenue, and the forwarding-on as an operating expense. The effect
of this reclassification is as follows ($'000):

Original disclosure Adjustment Revised disclosure
Revenue 250,197 9,483 259,680
Cost of goods sold (59,984) (9,483) (69,467)


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2008, No 46


Gazette.govt.nz — PDF 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 & Industry
25 February 2008
Accounting Policies, Financial Statements, Powerco Limited, Electricity Division, Financial Assets, Financial Liabilities, Retained Earnings, Reserves, Provisions, Trade Payables, Revenue Adjustments