Department of Corporate and Information Services 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
Attribution International 4.0 (CC BY 4.0)
Northern Territory Government
Annual Report 2016-17 | Department of Corporate and Information Services130 D EPARTM EN T O F CO R PO RATE AN D IN FO R M ATIO N SERVICES - FIN AN CIAL R EPO RT Impairment of Assets An asset is said to be impaired when the assets carrying amount exceeds its recoverable amount. Non-current physical and intangible DCIS assets are assessed for indicators of impairment on an annual basis. If an indicator of impairment exists, DCIS determines the assets recoverable amount. The assets recoverable amount is determined as the higher of the assets depreciated replacement cost and fair value less costs to sell. Any amount by which the assets carrying amount exceeds the recoverable amount is recorded as an impairment loss. Impairment losses are recognised in the Comprehensive Operating Statement. They are disclosed as an expense unless the asset is carried at a revalued amount. Where the asset is measured at a revalued amount, the impairment loss is offset against the asset revaluation surplus for that class of asset to the extent that an available balance exists in the asset revaluation surplus. In certain situations, an impairment loss may subsequently be reversed. Where an impairment loss is subsequently reversed, the carrying amount of the asset is increased to the revised estimate of its recoverable amount. A reversal of an impairment loss is recognised in the Comprehensive Operating Statement as income, unless the asset is carried at a revalued amount, in which case the impairment reversal results in an increase in the asset revaluation surplus. Note 16 provides additional information in relation to the asset revaluation surplus. DCIS property, plant and equipment assets were assessed for impairment as at 30 June 2017. No impairment adjustments were required as a result of this review. Depreciation and Amortisation Expense Items of property, plant and equipment, including buildings but excluding land, have limited useful lives and are depreciated or amortised using the straight-line method over their estimated useful lives. Amortisation applies in relation to intangible non-current assets with limited useful lives and is calculated and accounted for in a similar manner to depreciation. The estimated useful lives for each class of asset are in accordance with the Treasurers Directions and are determined as follows: 2017 2016 Plant and Equipment 10 years 10 years Leased Plant and Equipment 5 years 5 years Computer Software General (off the shelf) 2-5 years 2-5 years Computer Software - Corporate Systems 5-10 years 5-10 years Computer Hardware 3-6 years 3-6 years Assets are depreciated or amortised from the date of acquisition or from the time an asset is completed and held ready for use.
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