✨ Financial Statements
POWERCO LIMITED
Gas Division
Statement of Accounting Policies for the Financial Statements for the year ended 31 March 2012
Reporting entity
These financial statements represent the performance and position of Powerco Limited’s (Powerco) Gas business (the Division). These financial statements are special purpose financial statements and were approved for issue on 25 October 2012.
Statutory base
These financial statements have been prepared in accordance with the Gas (Information Disclosure) Regulations 1997.
Basis for preparation
During the year, Powerco changed its statutory balance date from 30 June to 31 March. As a result, these Powerco Gas Division financial statements have been prepared for the 12 months ended 31 March 2012 in accordance with the Gas (Information Disclosure) Regulations 1997.
The Powerco Gas Division financial statements are derived from the underlying Powerco financial records used in the preparation of the Powerco Limited financial statements for the 9 months ended 31 March 2012 and the year ended 30 June 2011, which were prepared on a going concern basis in accordance with International Financial Reporting Standards (IFRS), as appropriate for profit-orientated entities.
The comparative figures presented in these Powerco Gas Division financial statements are those which have been previously reported for the year ended 30 June 2011. This results in the financial performance for the 3 months to 30 June 2011 being reported in both the current and comparative years.
Measurement Base
The accounting-based allocation approach (ABAA) as described in the Commerce Act (Gas Distribution Services Input Methodologies) Determination 2010 has been adopted, for the allocation of revenues, costs, assets and liabilities between the regulated activities and other activities of Powerco. Under the Gas (Information Disclosure) Regulation 1997, there is no mandated allocation methodology, thus ABAA as prescribed in the Commerce Act (Gas Distribution Services Input Methodologies) Determination 2010 has been applied.
Allocations have been carried out on the following basis:
- Direct allocation of all components of financial statement items which are directly attributable to the activity; and
- For any components of financial statement items that are not directly attributable to an activity:
- By assessing the proportions of those components which are avoidable and non-avoidable; and
- Allocating those components amongst the activities on the basis of those proportions using an appropriate cost allocator.
The main allocators used are:
- Book value of property, plant and equipment;
- Revenue;
Next Page →
NZ Gazette 2012, No 132
✨ LLM interpretation of page content
🏭
Gas Division Statement of Accounting Policies
(continued from previous page)
🏭 Trade, Customs & IndustryAccounting Policies, Financial Statements, Gas Division, Powerco Limited, Reporting Entity, Statutory Base, Basis for Preparation, Measurement Base, Allocation Methodology