✨ Financial Statements
25 NOVEMBER 2013 NEW ZEALAND GAZETTE, No. 155 4331
TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS
w) Cash flow statement
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 relevant to the financial statements, but not effective until 1 July 2013 or later.
NZ IFRS 9 Financial Instruments.
Among the areas of NZ IFRS 9 that have been released and can be adopted early, there is a requirement to separately disclose fair value movements from changes in our credit risk in other comprehensive income rather than in profit or loss. If adopted, this would result in a transfer of $43.2m of losses from Gain / (loss) in the fair value of financial instruments to Other Comprehensive Income (2012: $159.4m gain).
The main area that has not been finalised and therefore cannot be adopted early, relates to hedge accounting. NZ IFRS 9, hedge accounting, may have a material impact upon the Group 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 Statements
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.
New policies adopted during the period
The Transpower Lines Business has adopted a revenue recognition policy for Government Grants. Refer section b).
Next Page →
NZ Gazette 2013, No 155
✨ LLM interpretation of page content
🏭
Transpower New Zealand Limited Statement of Accounting Policies
(continued from previous page)
🏭 Trade, Customs & IndustryAccounting Policies, Financial Statements, Cash Flow, NZ IFRS 9, NZ IFRS 10, NZ IFRS 11, NZ IFRS 12, NZ IFRS 13, Revenue Recognition