❓ Mr. Johnston inquired about the 'goodwill' value of various Verve Energy generating plants. The Minister responded that no goodwill was recognised on those plants, as it only arises from business acquisitions, and Verve Energy's only goodwill was from acquiring Vinalco.
AnsweredQoN 1933Legislative Assembly
QuestionView source ↗
I refer to page 14 of the Verve Energy annual report, and I ask what “good will” value is placed on each of the following listed generating plant by the former Verve Energy as at 30 June 2013: (a) Collie; (b) Cockburn; (c) Muja C; (d) Muja D; (e) Kwinana C; (f) Kwinana gas turbine; (g) Mungarra gas turbines; (h) Pinjar gas turbines; (i) Worsley; (j) West Kalgoorlie gas turbines; (k) Geraldton gas turbine; (l) HEGTs Gas/distillate; (m) Albany Wind Farm: (i) Phase 1; and (ii) Phase 2; (n) Bremer Bay; (o) Coral Bay; (p) Denham; (q) Esperance; (r) Greenough River Solar Farm; (s) Hopetoun; (t) Kalbarri; and (u) Mumbida Wind Farm?
AnswerView source ↗
Answered
6 May 2014
Responded by
Minister for Energy
Response time
56 days
No 'good will' was recognised on the listed plants.
In accordance with the Australian Accounting Standards (AASB), 'good will' arises from acquisition of business. Internally generated goodwill is not allowed to be recognised. Verve Energy's accounting policy for goodwill was disclosed on page 47 of the annual report under note 3(e) to the financial statements. The only goodwill the Verve Energy group recognised as at 30 June 2013 arose from the acquisition of Vinalco during the year. This transaction was disclosed on pages 62 to 63 under note 19 to the financial statements.
(a)-(u) Not applicable.
In accordance with the Australian Accounting Standards (AASB), 'good will' arises from acquisition of business. Internally generated goodwill is not allowed to be recognised. Verve Energy's accounting policy for goodwill was disclosed on page 47 of the annual report under note 3(e) to the financial statements. The only goodwill the Verve Energy group recognised as at 30 June 2013 arose from the acquisition of Vinalco during the year. This transaction was disclosed on pages 62 to 63 under note 19 to the financial statements.
(a)-(u) Not applicable.
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