✨ Financial Statements Accounting Policies
1550 NEW ZEALAND GAZETTE, No. 55 7 MARCH 2008
Eastland Network Limited – Electricity Lines Business
Statement of Significant Accounting Policies continued
(H) Cash and Cash equivalents
Cash and short term deposits in the statement of financial position comprise cash at bank and in hand and short term deposits with an original maturity of three months or less.
For the purposes of the statement of cash flows, cash comprises cash balances (net of bank overdrafts) and demand deposits. 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 company and the group and those activities relating to the cost of servicing the company’s and the group’s equity capital.
(I) Employee Entitlements
The Electricity Lines Business does not directly employ any employees with employee services being provided by Eastland Infrastructure Limited. The cost is included in the management fee paid by Eastland Network Limited which has been allocated to separate line items for the purpose of these Financial Statements. Refer to the Basis of Preparation and Note 3.
A provision for employee entitlements is recognised for benefits earned by Eastland Infrastructure Limited employees performing Electricity Lines Business activities but not yet received at balance date. Employee benefits include salaries, wages, annual leave and long service leave. Where payment is expected to be made within twelve months of balance date, the provision is the estimated amount expected to be paid by the Electricity Lines Business. Where payment is expected to be longer term, the liability is recorded at its present value.
(J) Changes in Accounting Policies
There have been no changes in accounting policies. All Policies have been applied on bases consistent with those in the prior year.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2008, No 55
Gazette.govt.nz —
NZ Gazette 2008, No 55
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Eastland Network Limited – Electricity Lines Business
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