Genesis能源有限公司曾经称为Genesis Power Limited，是一家新西兰零售公司，在股票市场上市为公共贸易公司，尤其涉及发电和配电，天然气采购和液化石油气制造。
Genesis Energy Limited once called Genesis Power Limited is a New Zealand based Retail Company that is listed on stock market as public trading company and particularly deals in electricity generation and distribution, natural gas procurement and LPG manufacturing.
The inception of the company is quite interesting as it was formed as a part of the massive reformation of electricity sector that undertook in New Zealand in the late twentieth century. Since then, the company has been well consolidated and has created a strong retail market for itself particularly in the Lower North Islands (England, 2017).
Genesis Energy is by far the third largest natural gas and electricity retailer in the entire island nation of New Zealand with a staggering market share of about 26% and 39% respectively in the financial year of 2015-16. In the year 2015, the company generated close to 14% of the entire country’s electricity production.
Changes in accounting practices
Genesis Energy has implemented a set of new accounting treatments during the end of financial year 2015-16 in order to defer the matter of recognition of incentives which are provided to customers as a part of acquiring new customer base. As the power industry is already highly saturated, and it has become even harder to attract new customers and retain the old ones, the cost of acquisition of new customers has gone tremendously high. As a result, the company is shelling out more and rather burning more cash to give substantial incentives to acquire solid customer base. The type of incentives given to customers varies and sometimes they are offered account credits and this amount that they are given as credit is included in the ascertainment of revenue and are spread over the length of the average customer tenure where there is affirmation that the return from the customer over the period of amortization is going to be positive, in accordance with the future revenue standard NZ IFRS 15
Revenue from Contracts with Customers
According to the accounting rules, the cost of acquisition spent on one particular customer can be directly attributed as an intangible asset as it meets the definition and interpretation of the same under NZ IAS 38 Intangible Assets.