B.11

Financial Statementsof the Government ofNew Zealand

for the year ended 30 June 2009

978-0-478-33083-0 (Print)978-0-478-33084-7 (Online)

Internet

This document is available on the New Zealand Treasury’sInternet site. The URL for this site is http://www.treasury.govt.nz

Financial Statements of the Government of New Zealand – B.11 i

Contents

Ministerial Statement 1Statement of Responsibility 2Commentary

At a glance 5Summary 5Fiscal Strategy 7Revenue 8Expenses 10Operating balance 12Debt 14Net Worth 17Historical Financial Information 18

Report of the Auditor General 22Financial Statements

Statement of Financial Performance 27Analysis of Expenses by Functional Classification 28Statement of Cash Flows 29Statement of Recognised Income and Expense 32Statement of Financial Position 33Statement of Segments 34Notes to the Financial Statements 36

Note 1: Summary of Accounting Policies 36Note 2: Taxes and Levies Collected through the Crown’s Sovereign Power 51Note 3: Sales of Goods and Services 53Note 4: Interest Revenue and Dividends 53Note 5: Other Revenue 54Note 6: Transfer Payments and Subsidies 54Note 7: Personnel Expenses 55Note 8: Depreciation and Amortisation 55Note 9: Other Operating Expenses 56Note 10: Interest Expenses 57Note 11: Insurance Expenses 57Note 12: Gains and Losses on Financial Instruments 59Note 13: Gains and Losses on Non-Financial Instruments 60Note 14: Receivables 61Note 15: Marketable Securities, Deposits and Derivatives in Gain 66Note 16: Share Investments 67Note 17: Advances 68Note 18: Inventory 72Note 19: Other Assets 72Note 20: Property, Plant and Equipment 73Note 21: Equity Accounted Investments 89Note 22: Intangible Assets and Goodwill 90Note 23: Payables 95Note 24: Borrowings 96Note 25: Insurance Liabilities 100Note 26: Retirement Plan Liabilities 107