Basis of presentation
Financial statements have been prepared in accordance with GAAP's in NZ and with IFRS. The financial reports have been prepared under historical (or other) basis, with exception for..... (e.g. revaluations)
PPE
What it's comprised of, values shown, any changes, depreciation.
Investments
Management classifies investments into two categories. Those financial assets available for sale and those held for trading. The classification is dependent on purpose of assets and is reevaluated at each balance sheet date.
Inventory
Inventories are stated at the lower of cost and net realisable value. Cost is determined using ........ basis (if not stated, use FIFO). Net realisable value is the estimated selling price in the ordinary course of business, less costs of completion and less costs incurred in selling price.
Accounts Receivable
Are recognised at fair value less provision for impairment.
Cash and cash equivalents
Include cash on hand, deposits held at call with banks and other short term, highly liquid investments.
Contributed equity
Recored at proceeds received less any direct issue costs
Borrowings
Recognised at fair value, net of transaction costs.
Revenue recognition
Comprises the fair value for the sale of goods. List each revenue item from sales and OI
Distributions
Distributions to shareholders are recognised as liabilities in the period to which they are approved of by company's shareholders.