Print the above sectionsFOR THE YEAR ENDED 30 JUNE 2012
Basis of Preparation
Statement of compliance
The financial statements have been prepared in accordance with the requirements of the Local Government Act 2002: Part 6, Section 98 and Part 3 of Schedule 10, which includes the requirement to comply with New Zealand Generally Accepted Accounting Practices (NZ GAAP).
These financial statements have been prepared in accordance with NZ GAAP. They comply with the New Zealand equivalents to International Financial Reporting Standards (NZ IFRS) and other applicable Financial Reporting Standards, as appropriate for Public Benefit Entities.
Measurement base
The financial information has been prepared on a historical cost basis, modified by the revaluation of forestry assets, certain classes of property, plant and equipment, certain classes of intangible assets and investment property.
Functional and presentation currency
The financial statements are presented in New Zealand dollars (NZD) and are rounded to the nearest thousand dollars ($000's). The functional currency of the Council and its subsidiaries is New Zealand dollars.
Changes in accounting policies
The accounting policies set out below have been applied consistently to the financial statements. No changes have been made to these policies during the financial year.
Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.
FRS-44 New Zealand Additional Disclosures and Amendments to NZ IFRS to harmonise with IFRS and Australian Accounting Standards (Harmonisation Amendments)
These were issued in May 2011 with the purpose of harmonising Australia and New Zealand's accounting standards with source IFRS and to eliminate many of the differences between the accounting standards in each jurisdiction.