Full Version - Essential Energy

Financial statements contents
Independent Audit Report 64
Statement by Members of the Board 65
Statement of Financial Performance 66
Statement of Financial Position 67
Statement of Cash Flows 68
Notes to the Financial Statements 69
Note 1. Significant Accounting Policies 69
a) Reporting Entity 69
b) Financial Reporting Framework 69
c) Principles of Consolidation 69
d) Change in Accounting Policies 69
e) Impacts of Adopting Australian Equivalents to
International Financial Reporting Standards 69
f) Recognition of Revenue 71
g) Valuation of Current Assets 72
h) Valuation of Property, Plant and Equipment 72
i) Valuation of Other Non-Current Assets 73
j) Liabilities 74
k) Income Tax 74
l) Goods and Services Tax 75
m) Electricity Purchases 75
n) Construction Contracts 75
o) Joint Venture 75
p) Foreign Currency 75
q) Rounding of Amounts 75
r) Exemptions 75
Financial Reporting Exemptions 76
Annual Reporting Exemptions 76
Note 2. Components of Revenue and Expenses 77
Note 3. Income Tax Expense 78
Note 4. Tax Assets 78
Note 5. Tax Liabilities 79
Note 6. Dividends 79
Note 7. Cash Assets 79
Note 8. Receivables 79
Note 9. Inventories 80
Note 10. Investments in Subsidiary Corporations 80
Note 11. Other Assets 80
Note 12. Property, Plant and Equipment 81
Note 13. Intangible Assets 82
Note 14. Deposits 82
Note 15. Payables 82
Note 16. Interest Bearing Liabilities 83
Note 17. Provisions 84
Note 18. Other Liabilities 84
Note 19. Components of Equity 85
Note 20. Finance Facilities 85
Note 21. Notes to the Statement of Cash Flows for
the Year Ended June 2005 86
Note 22. Financial Instruments – Consolidated 87
Note 23. Commitments 90
Note 24. Auditors’ Remuneration 91
Note 25. Directors’ Remuneration 91
Note 26. Related Parties 92
Note 27. Controlled Entities 92
Note 28. Statement of Operations by Segment 92
Note 29. Superannuation Plans 94
Note 30. Joint Venture 96
Note 31. Contingent Liabilities 96
Note 32. Events Subsequent to Balance Date 96
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COUNTRY ENERGY ANNUAL REPORT 2004–2005