Annual Report 2003/2004 Department of Business Industry and Resource Development
Tabled paper 1496
Tabled Papers for 9th Assembly 2001 - 2005; Tabled papers for 9th Assembly 2001 - 2005; Tabled papers; ParliamentNT
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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 the agency 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 useful lives. q Construction work in progress Q - As part of Stage 1 of Working for Outcomes, the Department of Infrastructure, Planning and Environment (DIPE) is responsible for managing general government __ __________ capital works projects on a whole of Government basis. Therefore, appropriation for 03 most capital works is provided directly to the DIPE and the cost of construction work ^ in progress is recognised as an asset of that department. Once completed, capital q works assets are transferred to the agency. ^ Revaluations Assets belonging to the following classes of non-current assets are progressively revalued on a rolling basis with sufficient regularity to ensure that an assets carrying amount does not differ materially from its fair value at reporting date: Land; Buildings: Infrastructure assets; Cultural assets; and Self generating and regenerating assets. Fair value is the amount for which an asset could be exchanged, or liability settled, between knowledgeable, willing parties in an arms length transaction. Other classes of non-current assets are not subject to revaluation and are measured on a cost basis. During the course of the year a $1M investment in QANTM Pty. Ltd. was revalued to the lower of cost and net realisable value on the basis of independent advice and has been written down to zero for the purpose of DBIRDs Financial Statements. DBIRDs Land and Building Assets were revalued prior to the 30 June 2004 - refer Note 7. Depreciation and amortisation 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, for the current year, are in accordance with the Treasurers Directions and are provided as follows: Subsequent additional costs 2004 2003 Buildings 50 Years 50 Years Plant and equipment - major items includes Farm Machinery, Scientific Equipment and Vessels 10 Years 10 Years Cultural assets 100 Years 100 Years 98 Departm ent of Business, Industry & Resource Development
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