Annual Report 2017-2018 OmbudsmanNT
Tabled paper 934
Tabled Papers for 13th Assembly 2016 - 2020; Tabled Papers; ParliamentNT
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OMBUDSMANS OFFICE NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2018 116 agency 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. No assets were assessed as being impaired within the reporting period. 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: Assets are depreciated or amortised from the date of acquisition or from the time an asset is completed and held ready for use. 2018 2017 Plant and equipment 10 years 10 years Computer Software 6 years 6 years Leased assets Leases under which the agency 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 is recognised as an integral part of the consideration for the use of the leased asset. Lease incentives should be recognised as a deduction of the lease expenses over the term of the lease. 2018 2017 $000 $000 10. PAYABLES Accounts payable 4 13 Accrued expenses 12 9 Total payables 15 22 Liabilities for accounts payable and other amounts payable are carried at cost, which is the fair value of the consideration to be paid in the future for goods and services received, whether or not billed to the agency. Accounts payable are normally settled within 30 days.