Annual Report 2004-2005 Darwin Port Corporation
Tabled paper 335
Tabled papers for 10th Assembly 2005 - 2008; Tabled papers; ParliamentNT
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9.Financial Performance cont. D A R W IN P O R T C O R P O R A T IO N A N N U A L R E P O R T 2 00 4/ 20 05 86 Notes to the Financial Statements for the Year Ended 30 June 2005 cont. 30 DISCLOSING THE IMPACT OF ADOPTING AASB EQUIVALENTS TO IASB PRONOUNCEMENTS cont. Property, Plant & Equipment As the entity is deemed to be a "not for profit" entity under AASB116 Property, Plant & Equipment, the standard will require assets to be accounted for by class which is the same manner in which the entity currently manages its assets. As of 1 July 2005 written down current replacement cost (WDCRC) methodology will be employed to value assets as opposed to the deprival method used previously to value operational assets, resulting in the entity's asset value increasing from $41.8 million to $161 million. Impairment of Assets Under AASB 136 Impairment of Assets the standard replaces the notion of the recoverable amounts test. The new standard requires a 'proof' testing process each year. The new standard covers all assets rather than just non-current assets, and impairment losses impact the profit and loss rather than the revaluation reserve. Revenue Under AIFRS, income is made up of revenue and gains, expenses include both expenses and losses. Revenue and expenses which are presented on a gross basis only arise in the ordinary course of business. Gains and losses may be presented on a net basis and may not necessarily arise in the ordinary course of business.
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