✨ Financial Statements Continuation
3 MARCH 2008 NEW ZEALAND GAZETTE, No. 47
ALPINE ENERGY LIMITED LINES BUSINESS
Notes to and Forming Part of the Financial Statements - Continued
For the Year Ended 31 March 2007
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.
(r) Employee benefits
Liabilities for wages and salaries, including non-monetary benefits, annual leave, and accumulating sick leave expected to be settled within 12 months of the reporting date are recognised in other payables in respect of employees’ services up to the reporting date and are measured at the amounts expected to be paid when the liabilities are settled. Liabilities for nonaccumulating sick leave are recognised when the leave is taken and measured at the rates paid or payable.
The liability for employee entitlements is carried at the present value of the estimated future cash flows.
(s) Dividends
Provision is made for the amount of any dividend declared on or before the end of the financial year but not distributed at balance date.
Dividend distribution to the Company shareholders is recognised as a liability in the Company’s financial statements in the period in which the dividends are approved by the Company’s shareholders.
3. Transition to New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS)
Application of NZ IFRS 1 First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS 1)
The Company’s financial statements for the year ended 31 March 2007 are the first disclosure financial statements that comply with NZ IFRS and NZ IFRS 1 has been applied in their preparation. These financial statements have been prepared as described in note 1.
The Company’s transition date is 1 April 2005. The Company prepared their opening NZ IFRS balance sheet at that date. The reporting date of these financial statements is 31 March 2007. The Company’s NZ IFRS adoption date is 1 April 2006.
In preparing these financial statements in accordance with NZ IFRS 1, the Company have applied the mandatory exceptions and certain of the optional exemptions from full retrospective application of NZ IFRS.
The following mandatory exceptions from retrospective application have been applied.
(a) Derecognition of financial assets and liabilities exception
Financial assets and liabilities derecognised before 31 March 2005 are not re-recognised under NZ IFRS.
(b) Insurance contracts
The transitional provisional in NZ IFRS 4 Insurance Contracts have been applied.
(c) Estimates exception
Estimates under NZ IFRS at 31 March 2005 are required to be consistent with estimates made for the same date under previous NZ FRS, unless there is evidence that those estimates were in error. No adjustments to previous estimates have been made by the Directors.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2008, No 47
Gazette.govt.nz —
NZ Gazette 2008, No 47
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Notes to and Forming Part of the Financial Statements for Alpine Energy Limited Lines Business
(continued from previous page)
🏭 Trade, Customs & Industry31 March 2007
Financial statements, Employee benefits, Dividends, NZ IFRS, Transition, Derecognition, Insurance contracts, Estimates