Annual Report 2014/2015 Office of the Commissioner for Public Employment
Tabled paper 1613
Tabled Papers for 12th Assembly 2012 - 2016; Tabled Papers; ParliamentNT
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Office of the Commissioner for Public Employment
directly to the Department of Infrastructure and the cost of construction work in progress is recognised as an asset of that Department. Once completed, capital works assets are transferred to the agency. p) 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: land buildings infrastructure assets Plant and equipment are stated at historical cost less depreciation, which is deemed to equate to fair value. Impairment of Assets An asset is said to be impaired when the assets carrying amount exceeds its recoverable amount. Non-current physical and intangible agency assets are assessed for indicators of impairment on an annual basis. If an indicator of impairment exists, the 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. 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. q) 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. OCPE ANNUAL REPORT 201415 08585