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3 1 I m p a c t s o f c h a n g e s i n a c c o u n t i n g p o l i c y
Due to the voluntary change in accounting policy (see note 2.2), the Group has accounted for its investments in joint ventures
using equity method.
The Group recognised its investments in the joint ventures at the beginning of the earliest period presented (1 April 2013), as the
total of the carrying amounts of the assets and liabilities that were previously proportionally consolidated by the Group. This is
deemed cost of the Group’s investment in the joint ventures for applying equity accounting.
Impact of change in accounting policy on statement of comprehensive income
For year
ended 31
March 2014
(previously
reported)
$’000
Equity
accounting
for joint
ventures
$’000
For year
ended 31
March 2014
(restated)
$’000
Income
78,158
(4,699)
73,459
Expenses
(48,996)
4,180
(44,816)
Net operating profit
29,162
(519)
28,643
Finance costs – bank loans
(13,594)
-
(13,594)
Finance income – short term deposits
6,581
(53)
6,528
Shares of net profits of associates and joint venture partnership accounted for using the equity
method
474
586
1,060
Other gains – net
31,862
(14)
31,848
Settlement
20,943
-
20,943
Grant expense
(6,136)
-
(6,136)
Net profit before tax
69,292
-
69,292
Tax credit
1,582
-
1,582
Net profit for the year
70,874
-
70,874
Profit is attributable to:
Equity holders of Tainui Group Holdings Limited
69,453
-
69,453
Non-controlling interest
1,421
-
1,421
70,874
-
70,874
Other comprehensive income:
Items that will not be reclassified to profit or loss:
Gain on revaluation of farm and owner occupied properties
3,070
-
3,070
Other comprehensive income for the year
3,070
-
3,070
Total comprehensive income for the year, net of tax
73,944
-
73,944
Total comprehensive income for the year is attributable to:
Equity holders of Tainui Group Holdings Limited
72,523
-
72,523
Non-controlling interest
1,421
-
1,421
73,944
-
73,944
waikato raupatu lands trust
notes to the financial statements
f o r t h e y e a r e n d e d 3 1 m a r c h 2 0 1 5
92