✨ Financial Statements
POWERCO LIMITED
Gas Division
Statement of Accounting Policies for the Financial Statements for the Year Ended 30 June 2011
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 23 February 2012.
Statutory Base
These financial statements have been prepared in accordance with the Gas (Information Disclosure) Regulations 1997.
Measurement Base
The financial statements have been derived from the audited financial statements of Powerco Limited and Group, which were prepared in accordance with International Financial Reporting Standards (IFRS), as appropriate for profit-orientated entities.
The avoidable cost allocation methodology (ACAM) as described in the Electricity Information Disclosure Handbook 31 March 2004 has been adopted, for the allocation of revenues, costs, assets and liabilities between the regulated activities and other activities of the company. Under the Gas (Information Disclosure) Regulation 1997, there is no mandated allocation methodology, thus ACAM as prescribed in the Electricity Information Disclosure Handbook 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.
-
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:
- Number of interconnection points;
- Book value of property, plant and equipment;
- Revenue;
- Expenditure; and
- EBITDA.
All financial statement items not allocated to the standalone gas division are allocated to other activities within the Powerco group (referred to as other divisions). These other activities are not disclosed within these financial information disclosure statements.
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NZ Gazette 2012, No 25
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Comprehensive Income Statement for Powerco Gas Division
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