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48
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 June 2012
1. Statement of accounting policies for the year
ended 30 June 2012
Reporting entity
The Health and Disability Commissioner is
a Crown Entity as defi ned by the Crown
Entities Act 2004 and is domiciled in New
Zealand. As such, the Health and Disability
Commissioner’s ultimate parent is the New
Zealand Crown.
The Health and Disability Commissioner’s
primary objective is to provide public
services to the New Zealand public, as
opposed to making a fi nancial return. The
role of the Commissioner is to promote and
protect the rights of health consumers and
disability service consumers.
Accordingly, the Health and Disability
Commissioner has designated itself as a
public benefi t entity for the purposes of
New Zealand Equivalents to International
Financial Reporting Standards (NZ IFRS).
The fi nancial statements for the Health and
Disability Commissioner are for the year
ended 30 June 2012, and were approved by
the Commissioner on 31 October 2012.
Basis of preparation
Statement of compliance
The fi nancial statements of the Health
and Disability Commissioner have
been prepared in accordance with the
requirements of the Crown Entities Act
2004, which includes the requirements
to comply with New Zealand generally
accepted accounting practice (NZ GAAP).
The fi nancial statements comply with
NZ IFRS and other applicable Financial
Reporting Standards as appropriate for
public benefi t entities.
Measurement base
The fi nancial statements have been
prepared on a historical cost basis, except
where modifi ed by the revaluation of
certain items of property, plant and
equipment, and the measurement of
equity investments and derivative fi nancial
instruments at fair value.
Functional and presentation currency
The fi nancial statements are presented
in New Zealand dollars, and all values
are rounded to the nearest dollar ($).
The functional currency of the Health
and Disability Commissioner is
New Zealand dollars.
Changes in accounting policies
There have been no changes in accounting
policies during the fi nancial year.
HDC has adopted the following revisions
to the accounting standards during the
fi nancial year, which have had only a
presentational or disclosure effect:
Amendments to NZ IAS 1 Presentation of
Financial Statements. The amendments
introduce a requirement to present, either
in the statement of changes in equity or the
notes, for each component of equity,
an analysis of other comprehensive
income by item. The HDC has no other
comprehensive income.
FRS-44 New Zealand Additional Disclosures
and Amendments to NZ IFRS to harmonise
with IFRS and Australian Accounting
Standards (Harmonisation Amendments).
The purpose of the new standard and
amendments is to harmonise Australian
and New Zealand accounting standards
with source IFRS and to eliminate many of
the differences between the accounting
standards in each jurisdiction. The main
effect of the amendments on the HDC is
that certain information about property
valuations is no longer required to
be disclosed.