Territory Stories

Annual Report 2006-2007 Department of Natural Resources Environment and the Arts



Annual Report 2006-2007 Department of Natural Resources Environment and the Arts

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Tabled paper 1189


Tabled papers for 10th Assembly 2005 - 2008; Tabled papers; ParliamentNT






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Revaluations 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 Heritage and Cultural Assets Biological Assets Intangibles 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 at cost. The unique nature of some of the heritage and cultural assets may preclude reliable measurement. Such assets, including works of arts, have not been recognised in the financial statements. 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 are in accordance with the Treasurers Directions and are determined as follows: Asset a m - 2006 Buildings ' ' 50 Years, 50 Years Infrastructure Assets y ~ -.r 8-50 Years-rs . V!- , - > 1 * . 8-50 Years Plant and Equipment j - - ' 10 Years ! 10 Years Leased Plant and Equipment j , 3-5 Years 3-5 Years Heritage and Cultural Assets 100 Y e a rs : 100 Years. Transport E q u ip m en t. j'" 10 Years i 10 Years Computer Hardware j \ 3-6 Years 3-6 Years Intangibles-Com puter Software 3?6;Ye^rs^] 3-6 Years Assets are depreciated or amortised from the date of acquisition or from the time an asset is completed and held ready for use. Impairment of Assets An asset is said to be impaired when the assets carrying amount exceeds its recoverable amount. Non-current physical and intangible Department assets are assessed for indicators of impairment on an annual basis. If an indicator of impairment exists, the Department 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 Operating Statement 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 Reserve for that class of asset to the extent that an. available balance exists in the Asset Revaluation Reserve. n o r t h e r n t e r r i t o r y G & V R @ P < l i i I f t ,ir i!D I3 flilL -13 @K) 'S I E G9 CSHi G8 TF f le a El T i a g A N N U A L R E P O R T 8 S & B S B S g

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