✨ Financial Statements Notes
4 MARCH 2008 NEW ZEALAND GAZETTE, No. 50 1423
TOP ENERGY LIMITED-LINE BUSINESS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2007
16 SEGMENT INFORMATION
The Lines business operates primarily in one industry, the electricity conveyance industry, and in
one geographic location: Far North, New Zealand.
17 CAPITAL EXPENDITURE COMMITMENTS
Top Energy Ltd – Lines Business has commitments for capital expenditure of $254,359 at 31
March 2007 (31 March 2006: $139,436).
18 CONTINGENT LIABILITIES
There were no contingent liabilities relating to the Top Energy Ltd – Lines Business at 31 March
2007.
19 EVENTS OCCURRING AFTER BALANCE DATE
There are no events which have arisen after the balance sheet date that require disclosure.
20 INTERNATIONAL FINANCIAL REPORTING STANDARDS
New Zealand Equivalents to International Financial Reporting Standards
In December 2002 the New Zealand Accounting Standards Review Board (ASRB) announced that
New Zealand entities required to comply with NZ GAAP under Financial Reporting Act 1993
would be required to apply International Financial Reporting Standards (IFRS) for financial
periods commencing on or after 1 January 2007 with earlier adoption permitted from 1 January
2005. The new standards that have been approved by the ASRB for application in New Zealand
are referred to as New Zealand equivalents to International Financial Reporting Standards (NZ
IFRS) as certain adaptations have been made to reflect New Zealand circumstances.
Top Energy Limited has commenced reviewing its accounting policies and financial reporting to
comply with NZ IFRS. The Company has allocated internal resources and is carrying out impact
assessments to isolate key areas that will be impacted by the transition to NZ IFRS and to facilitate
adoption of NZ IFRS. The Company will transition to NZ IFRS and publish its first set of annual
financial statements prepared under NZ IFRS for the year ending 31 March 2008.
The company has not quantified any differences between current NZ GAAP and NZIFRS in
relation to the impact under the company’s Information Disclosure Requirements regulatory
accounts. This is due to the uncertainty that exists as to whether the company would be reporting
these regulatory accounts under NZ GAAP and whether future regulatory accounts will be
reported under NZ IFRS
The key differences between current NZ GAAP and NZ IFRS identified to date as potentially
having significant effect on the Company’s financial statements as summarised overleaf.
Next Page →
Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2008, No 50
Gazette.govt.nz —
NZ Gazette 2008, No 50
✨ LLM interpretation of page content
🏭
Notes to Financial Statements of Top Energy Limited
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial statements, Segment information, Capital expenditure, Contingent liabilities, Events after balance date, International Financial Reporting Standards, NZ IFRS