✨ Financial Statements Continuation
23 NOVEMBER 2012 NEW ZEALAND GAZETTE, No. 140 4083
TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS
For the purposes of the cash flow statement, cash is considered to be cash held in bank accounts (net of bank overdrafts) plus highly liquid investments that are readily convertible to known amounts of cash, which are subject to an insignificant risk of change in value. Investments with an original maturity of less than three months are classified as cash.
New standards not yet adopted
The Transpower Lines Business has elected not to early adopt the following standards (or revisions to standards), considered to be materially relevant to the financial statements, but not effective until 1 July 2013 or later.
NZ IFRS 9 Financial Instruments.
For the areas of NZ IFRS 9 that have been released and can be early adopted, there is no material impact on the financial statements. The main area that has not been finalised and therefore cannot be early adopted, relates to hedge accounting. NZ IFRS 9, hedge accounting, may have a material impact upon the financial statements. It is too early to comment until the standard, in particular the transitional arrangements, are finalised.
NZ IFRS 10 Consolidated Financial Statements
NZ IFRS 11 Joint Arrangements
NZ IFRS 12 Disclosure of Interests in Other Entities
NZ IFRS 13 Fair Value Measurement
For the above four standards, the Transpower Lines Business anticipates that the changes will not have a material impact on the financial statements in the period of initial application other than increased disclosure.
New standards adopted during the period
There were no new or revised standards that had a material impact on the financial statements.
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NZ Gazette 2012, No 140
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Transpower New Zealand Limited Financial Statements
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🏭 Trade, Customs & IndustryFinancial Statements, Cash Flow, Accounting Standards, NZ IFRS