Page 75 - Statement of Intent 2015/16

Non-current assets held for sale are stated at the lower of carrying amount and fair value less costs to sell.
The preparation of financial statements under NZIFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. 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.
Judgements made by management under NZIFRS that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are discussed in note 30.
Changes in accounting policies
There have been no changes in accounting policies during the financial year.
Associates
Associates are those entities in which Waikato DHB has significant influence, but not control, over the financial and operating policies.
The financial statements include Waikato DHB’s share of the total recognised gains and losses of associates on an equity accounted basis, from the date that significant influence begins until the date that significant influence ceases. When Waikato DHB’s share of losses exceeds its interest in an associate, Waikato DHB’s carrying amount is reduced to nil and recognition of further losses is discontinued except to the extent that Waikato DHB has incurred legal or constructive obligations or made payments on behalf of an associate.
Joint ventures
Joint ventures are those entities over whose activities Waikato DHB has joint control, established by contractual agreement. The financial statements include Waikato DHB’s interest in joint ventures, using the equity method, from the date that joint control begins until the date that joint control ceases.
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