Other Amendments
Financial Statements to Comply with Generally Accepted Accounting Practice
19. Technical amendments are being made to ensure that financial statement disclosures made under the Regulations comply with generally accepted accounting practice (GAAP), as is required by section 55 of the Gas Act 1992, from 2000/01. This includes the disclosure of a statement of movements in equity and a cash flow statement as well as several changes to terms and definitions.
20. The Regulations require comparative information. The Gas Information Disclosure Handbook will outline that historic financial statement information need not be adjusted to comply with GAAP. GAAP does not apply to the financial performance measures.
21. Disclosure requirements relating to transfer payments between related parties are being amended to be consistent with GAAP (in particular, SSAP 22 - "Related party disclosure").
Maui Pipeline Disclosure Requirements to Be Amended
22. The amendments:
- introduce a requirement for disclosure of pipeline charges and pricing methodologies for all new Maui contracts; and
- delete disclosure requirements in relation to performance measures and statistics, and methodologies for cost allocation and transfer payments.
Timing of Disclosures to Be Amended
23. Pipeline owners are to disclose financial statements and performance measures on the Internet, and provide it to the Gazette Office for publication, within 4 months, rather than the present 5 months. (The meaning of "publish" is changing so that pipeline owners will have to provide the information to the Gazette Office within four months, not have it published by the Gazette Office within the timeframe as is required currently.)
Definition of "Standard" Contract to Be Amended
24. The threshold used in the definition of a standard contract is being reduced from 5 to 2 persons.
Disclosure of Prescribed Agreements Is Being Extended
25. Disclosure of operating agreements, side letters and associated documentation relating to any contracts is to be required.
Disclosure of Customer Names by NGC Is Being Altered
26. NGC is no longer to be required disclose the names of gas customers with which it has transmission or distribution contracts. Instead NGC is to disclose the names of gas retailers with which it has contracts.
Technical Amendments Aare Being Made to Pipeline Capacity Disclosure
27. Technical amendments are to be made to require more specific information on location of networks and measures of maximum distribution capacity.
Unaccounted for Gas Ratio Is Being Amended
28. This ratio is to be accurate to 2 decimal places and shown as either positive or negative.
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