Department of Corporate and Information Services annual report 2016-17
Annual report 2016-17
Northern Territory. Department of Corporate and Information Services
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Northern Territory. Department of Corporate and Information Services -- Periodical
Northern Territory Government
Department of Corporate and Information Services annual report; Annual report
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Northern Territory Government
Annual Report 2016-17 | Department of Corporate and Information Services 129 DEPARTMENT OF CORPORATE AND INFORMATION SERVICES - FINANCIAL REPORT Plant and Equipment $000 Computer Software $000 Computer Hardware $000 Total $000 Carrying Amount as at 1 July 2015 9 844 4 068 1 754 15 666 Additions 846 2 649 2 613 6 107 Disposals - - - Depreciation/Amortisation (2 245) (1 772) (1 095) (5 112) Additions/(Disposals) from asset transfers 14 677 - - 14 677 Revaluation increments/(decrements) - - - Impairment losses (38) - - (38) Carrying Amount as at 30 June 2016 23 084 4 945 3 272 31 301 2016 PROPERTY, PLANT AND EQUIPMENT RECONCILIATIONS A reconciliation of the carrying amount of property, plant and equipment at the beginning and end of 2015-16 is set out below: Acquisitions All items of property, plant and equipment with a cost, or other value, equal to or greater than $10 000 are recognised in the year of acquisition and depreciated as outlined below. Items of property, plant and equipment below the $10000 threshold are expensed in the year of acquisition. The construction cost of property, plant and equipment includes the cost of materials and direct labour, and an appropriate proportion of fixed and variable overheads. Complex Assets Major items of plant and equipment comprising a number of components that have different useful lives, are accounted for as separate assets. The components may be replaced during the useful life of the complex asset. Subsequent Additional Costs Costs incurred on property, plant and equipment subsequent to initial acquisition are capitalised when it is probable that future economic benefits in excess of the originally assessed performance of the asset will flow to DCIS in future years. Where these costs represent separate components of a complex asset, they are accounted for as separate assets and are separately depreciated over their expected useful lives. Construction (Work in Progress) As part of the Financial Management Framework, the Department of Infrastructure, Planning and Logistics (DIPL) is responsible for managing general government capital works projects on an all-of-government basis. Therefore appropriation for DCIS capital works is provided directly to DIPL and the cost of construction work in progress is recognised as an asset of DIPL. Once completed, capital works assets are transferred to DCIS. REVALUATIONS AND IMPAIRMENT Revaluation of Assets Subsequent to initial recognition, assets belonging to the following classes of non-current assets are revalued with sufficient regularity to ensure that the carrying amount of these assets does not differ materially from their fair value at reporting date: infrastructure assets intangibles. Fair value is the amount for which an asset could be exchanged, or liability settled, between knowledgeable, willing parties in an arms-length transaction. Plant and equipment are stated at historical cost less depreciation, which is deemed to equate to fair value.