44  Annual Report 25 Explanation of transition to NZ IFRS The following table shows the changes in equity resulting from the transition from NZ GAAP to NZ IFRS as at 1 July 2006 and 30 June 2007. P  revious n  Z gaa P e  FF e  CT o  F T  ransi T  ion T  o   n  Z n  Z i F  rs P  revious n  Z gaa P e  FF e  CT o  F T  ransi T  ion T  o   n  Z i F  rs n  Z i F  rs Note 1 July 2006 30 June 2007 $ $ $ $ $ $ C  urren T asse T  s a Cash and cash equivalents 4,378 633,258 637,636 12,277 1,538,422 400,699 a Call deposit 333,258 (333,258) 0 88,422 (88,422) 0 a Short term investments 300,000 (300,000) 0 1,450,000 (1,450,000) 1,150,000 b Debtors and other receivables 25,040 0 25,040 241,292 (52,281) 189,011 Assets held for sale 0 0 0 11,900 0 11,900 b Prepayments 0 0 0 0 52,281 52,281 Total current assets 662,676 0 662,676 1,803,891 0 1,803,891 non C  urren T asse T  s c Property, plant & equipment 563,107 (40,872) 522,235 1,191,911 (35,769) 1,156,142 c Intangible assets 0 40,872 40,872 0 35,769 35,769 Total non current assets 563,107 0 563,107 1,191,911 0 1,191,911 Total assets 1,225,783 0 1,225,783 2,995,802 0 2,995,802 L  ia B  i L  i T  ies Current liabilities d, e Payables 302,938 (60,861) 242,077 787,304 (197,909) 589,395 Finance leases 11,640 0 11,640 7,105 0 7,105 d, e Employee entitlements 0 69,537 69,537 0 207,130 207,130 NZAID 44,448 0 44,448 0 0 0 Total current liabilities 359,026 8,676 367,702 794,409 9,221 803,630