Annual Report 2003/2004 Community Development Sport and Cultural Affairs
Tabled paper 1577
Tabled Papers for 9th Assembly 2001 - 2005; Tabled papers for 9th Assembly 2001 - 2005; Tabled papers; ParliamentNT
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Notes to Financial Statements for the year ended 30 June 2004 (continued) 1 STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued) (i) Property, plant and equipment Acquisitions - Rental Dwellings Constructed rental dwellings, upgrading costs and minor capital works carried out on existing rental dwellings are recorded at their expended completed contract price, including tendering costs, contract management and supervision fees and all fees and charges relating to construction as property assets. Rental dwelling contracts not completed at 30 June 2004 are stated as Works in Progress. Capital works are capitalised when incurred. Capitalising of Minor New Works All minor new works projects, being projects less than $150 000 in value, are capitalised. Demolitions/Gifts - Rental Dwellings Obsolete rental dwellings demolished and dwellings, which are gifted or reverted under Land Rights Legislation, are written off in the financial year of occurrence. The write-offs represent the written-down historical cost component of such dwellings. Appropriate adjustments are made against the asset revaluation reserve where previous revaluations have occurred. Sales - Rental Dwellings Dwellings to be sold are valued immediately prior to the sale. The entitys policy is to record the difference between the sale price and the asset carrying amount as a profit or loss on sale. Subsequent additional costs 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 entity in future years. Costs incurred on property, plant and equipment that do not meet the criteria for capitalisation are expensed as incurred. Revaluations Urban Rental Dwellings ''An independent valuation of urban rental dwellings was completed at 30 June 2004 by the Australian Valuation Office, the results of which are reflected in these financial statements. The bas is jo r the valuation of urban rental dwellings is that of fair value, being the amount for which an asset could be exchanged between knowledgeable willing parties in an arms length transaction. The-entity has adopted the policy of revaluing its urban rental dwellings - which consist of houses, flat complexes and interest in bodies corporate, every year. Where the carrying amount of any urban rental dwelling was determined to be greater than its recoverable amount, the carrying-amount of that dwelling has been written down to its recoverable amount. Details of the related carrying amount written down and any recoverable amount write-downs have been disclosed in the financial statements. 146 Department of Community Development, Sport & Cultural Affairs
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