New Zealand Gazette – 2008 – No. 53

Page 1475

✨ Financial Accounting Policies



Unison Networks Limited – Lines Business

Statement of Significant Accounting Policies

For the year ended 31 March 2007

The carrying values of property, plant and equipment do not exceed their estimated recoverable value.

Disposal of Property, Plant and Equipment

When an item of property, plant or equipment is disposed of, any gain or loss is recognised in the Statement of Financial Performance and is calculated as the difference between the sale price and the carrying value of the asset.

On disposal of an item of property, plant or equipment, any revaluation surplus in respect of that class of asset is reduced or increased by the amount applicable to that item.

b. Depreciation

Depreciation is provided on a straight line basis on all tangible items of property, plant and equipment other than freehold land, at rates calculated to allocate the assets' cost or valuation less any residual value, over their estimated useful lives.

The estimated useful lives of property, plant and equipment are as follows:

Electrical Distribution Network

  • 33kV sub transmission: 45 - 80 Years
  • Zone substations, structures and equipment: 15 - 60 Years
  • Distribution transformers: 45 - 55 Years
  • Distribution switchgear: 35 - 45 Years
  • Overhead lines: 35 - 80 Years
  • Underground cables: 30 - 70 Years
  • Other distribution equipment: 10 - 45 Years

Other Property, Plant and Equipment

  • Freehold buildings: 60 - 100 Years
  • Land: Indefinite
  • Motor vehicles: 5 - 10 Years
  • Plant and equipment: 5 - 10 Years
  • Office furniture and equipment: 4 - 10 Years
  • Information technology: 3 - 10 Years

c. Investments

Investments are stated at the lower of cost or net realisable value.

d. Receivables

Receivables are stated at their estimated realisable value, after providing for doubtful debts.

e. Inventories

Inventories are stated at the lower of weighted average cost and net realisable value.

f. Capital Work in Progress

Capital work in progress includes the cost of materials and other direct and indirect costs incurred as at balance date.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2008, No 53


Gazette.govt.nz — PDF NZ Gazette 2008, No 53




✨ LLM interpretation of page content

🏭 Unison Networks Limited - Lines Business Financial Position Statement (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Equity, Assets, Liabilities, Unison Networks Limited