✨ Accounting Policies and Standards
3802 NEW ZEALAND GAZETTE, No. 132 2 NOVEMBER 2012
Borrowings are classified as current liabilities (either advances and deposits or current portion of term debt) unless the Division has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.
p) Trade and other payables
Trade payables and other accounts payable are recognised when the Division becomes obliged to make future payments resulting from the purchase of goods and services. These are initially recognised at fair value. Subsequent to initial recognition, trade payables and other accounts payable are recorded at amortised cost. Given the nature of these liabilities amortised cost approximates their notional principal.
q) Inter-division account
The inter-division account represents the balance due to other Divisions within Powerco Limited. The balance is the result of inter-divisional transactions since the Division was established.
Changes in accounting policies
Accounting policies have been consistently applied unless otherwise stated.
Standards, Amendments and Interpretations effective in the current period
The following are the new or revised Standards or Interpretations in issue that are not yet required to be adopted by entities preparing financial statements for periods ended on 31 March 2012:
| Standard/Interpretation | Effective for annual reporting periods beginning on or after | Expected to be initially applied in the financial year ending |
|---|---|---|
| Amendments to NZ IFRS 7 'Financial Instruments: Disclosures' | 1 July 2011 | 31 March 2013 |
| Amendments to New Zealand Equivalents to International Financial Reporting Standards to Harmonise with International Financial Reporting Standards and Australian Accounting Standards | 1 July 2011 | 31 March 2013 |
| FRS 44 'NZ Additional Disclosures' | 1 July 2011 | 31 March 2013 |
| Amendments to FRS 44 'NZ Additional Disclosures' | 1 July 2011 | 31 March 2013 |
| Amendments to NZ IAS 12 'Income Taxes - Deferred Tax: Recovery of Underlying Assets' | 1 January 2012 | 31 March 2013 |
| Amendments to NZ IAS 1 'Presentation of Financial Statements' – Presentation of Items of Other Comprehensive Income | 1 July 2012 | 31 March 2014 |
| NZ IFRS 10 'Consolidated Financial Statements' | 1 January 2013 | 31 March 2014 |
| NZ IFRS 11 'Joint Arrangements' | 1 January 2013 | 31 March 2014 |
| NZ IFRS 12 'Disclosure of Interests in Other Entities' | 1 January 2013 | 31 March 2014 |
| NZ IFRS 13 'Fair Value Measurement' | 1 January 2013 | 31 March 2014 |
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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, Borrowings, Trade Payables, Inter-division Account
🏭 Changes in Accounting Policies
🏭 Trade, Customs & IndustryAccounting Policies, Financial Statements, Consistency
🏭 Standards, Amendments and Interpretations Effective in the Current Period
🏭 Trade, Customs & IndustryAccounting Standards, Amendments, Interpretations, Financial Reporting