✨ Financial Statements and Accounting Policies
682 NEW ZEALAND GAZETTE, No. 24 28 FEBRUARY 2012
VECTOR LIMITED & SUBSIDIARIES
GAS TRANSMISSION ACTIVITIES
STATEMENT OF ACCOUNTING POLICIES
FOR THE YEAR ENDED 30 JUNE 2011
SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
M) IMPAIRMENT (CONTINUED)
Impairment of non-financial assets (continued)
An impairment loss is recognised if the carrying amount of an asset exceeds its recoverable amount. Impairment losses are recognised in the statement of comprehensive income.
The recoverable amount of an asset is the greater of its value in use and its fair value less costs to sell. In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
Impairment losses recognised in prior periods are assessed at each balance date for any indications that the loss has decreased or no longer exists. An impairment loss may be reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed to the statement of comprehensive income only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation and amortisation, if no impairment loss had been recognised.
NEW STANDARDS AND INTERPRETATIONS NOT YET ADOPTED
Refer to the accounting policies in Vector Limited’s annual report for the year ended 30 June 2011 for detailed information.
APPROVAL OF FINANCIAL STATEMENTS
The financial information disclosure statements, performance measures and statistics were approved by the board of directors on 22 February 2012.
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NZ Gazette 2012, No 24
✨ LLM interpretation of page content
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Statement of Accounting Policies for Vector Limited Gas Transmission Activities
(continued from previous page)
💰 Finance & RevenueAccounting Policies, Financial Statements, Gas Transmission, Vector Limited, Impairment, Recoverable Amount, Fair Value, Cash Flows, Discount Rate, Impairment Loss