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
Attribution International 4.0 (CC BY 4.0)
Northern Territory Government
Annual Report 2016-17 | Department of Corporate and Information Services 131 DEPARTMENT OF CORPORATE AND INFORMATION SERVICES - FINANCIAL REPORT 10. Intangibles DCIS had no intangible assets in 2016-17 and 2015-16. ASSETS HELD FOR SALE Assets and disposal groups are classified as held for sale if their carrying amount will be recovered through a sale transaction or a grant agreement rather than continuing use. Assets held for sale consist of those assets that management has determined are available for immediate sale or granting in their present condition and their sale is highly probable within one year from the date of classification. These assets are measured at the lower of the assets carrying amount and fair value less costs to sell. These assets are not depreciated. Non-current assets held for sale have been recognised on the face of the financial statements as current assets. LEASED ASSETS Leases under which DCIS assumes substantially all the risks and rewards of ownership of an asset are classified as finance leases. Other leases are classified as operating leases. FINANCE LEASES Finance leases are capitalised. A lease asset and lease liability equal to the lower of the fair value of the leased property and present value of the minimum lease payments, each determined at the inception of the lease, are recognised. Lease payments are allocated between the principal component of the lease liability and the interest expense. OPERATING LEASES Operating lease payments made at regular intervals throughout the term are expensed when the payments are due, except where an alternative basis is more representative of the pattern of benefits to be derived from the leased property. Lease incentives under an operating lease of a building or office space are recognised as an integral part of the consideration for the use of the leased asset. Lease incentives are to be recognised as a deduction of the lease expenses over the term of the lease. 11. Fair Value Measurement of Non-Financial Assets a) FAIR VALUE HIERARCHY Fair values of non-financial assets categorised by levels of inputs used to compute fair value are: Level 1 $000 Level 2 $000 Level 3 $000 Total Fair Value $000 2016-17 Asset Classes Plant and Equipment, Computer Hardware, Computer Software (Note 9) - - 45 959 45 959 Total - - 45 959 45 959 2015-16 Asset Classes Plant and Equipment, Computer Hardware, Computer Software (Note 9) - - 31 301 31 301 Total - - 31 301 31 301
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