Vector AR’19 ― notes to the financial statements (continued)
5. Revenue 5.1 Revenue from contracts with customers
2019 $M
2018 $M
NOTE
1,230.1
Sales
1,238.8
79.3
Third party contributions
71.5 18.1
9.2
Other Total
1,318.6
1,328.4
Transition
The group adopted NZ IFRS 15 with a date of initial application of 1 July 2018 using the cumulative retrospective approach. Under this approach, the cumulative effect of applying NZ IFRS 15 is recognised as an adjustment to the opening balance of equity at 1 July 2018. Comparative information has not been restated and continues to be reported under NZ IAS 18 and NZ IAS 11. The adoption of NZ IFRS 15 has impacted the timing of recognising revenue from third party contributions for some construction contracts. The table below summarises the impacts on the group’s consolidated financial statements for the year ended 30 June 2019.
BALANCE BEFORE TRANSITION $M
BALANCE SHEET AS AT 30 JUNE 2019 Current liabilities Contract liabilities
ADJUSTMENT $M
AS REPORTED $M
47.1
1.3
48.4
Non-current liabilities Deferred tax
490.1
(2.3)
487.8
Contract liabilities Equity Retained earnings
38.1
5.8
43.9
1,509.4
6.0
1,515.4
BALANCE BEFORE TRANSITION $M
PROFIT OR LOSS FOR THE YEAR ENDED 30 JUNE 2019
ADJUSTMENT $M
AS REPORTED $M
Revenue – Regulated Networks
767.9
1.2
769.1
Policies
Revenue is measured at the value of consideration received, or receivable, as specified in a contract with a customer. Amounts collected on behalf of third parties are excluded. The group recognises revenue when it transfers control over a good or service to a customer.
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