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Annual Report 2009 Charles Darwin University Financial Statements year ending 31 December 2009



Annual Report 2009 Charles Darwin University Financial Statements year ending 31 December 2009

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Tabled paper 917


Tabled papers for 11th Assembly 2008 - 2012; Tabled papers; ParliamentNT




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Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.




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18 CDU 2009 FINANCIAL STATEMENTS CHARLES DARWIN UNIVERSITY AND ITS CONTROLLED ENTITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2009 Buildings including demountables 50 years Building improvements 5-50 years Plant and equipment 3-8 years Library books and periodicals 10 years Furniture and fittings 5 years Motor vehicles 3-4 years Intangible Assets 5 years Foreign currency transactions are translated to Australian currency at the rate of exchange ruling at the dates of the transactions. Amounts receivable and payable in foreign currencies are translated at the rate of exchange ruling at balance date. Exchange differences relating to amounts payable and receivable in foreign currencies are brought to account in the net operating result in the financial year in which the exchange rate changes as exchange gains or losses. NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Continued (n) Impairment of Assets Intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. (o) Depreciation and Amortisation of Fixed Assets Fixed assets, including plant and equipment, furniture and fittings, buildings and leasehold property but excluding freehold land and works of art, are depreciated/amortised over their expected useful economic lives using the straight line method so as to write off the net cost or revalued amount of each asset over its expected useful life. Assets are first depreciated/amortised in the year of acquisition. For 2009 the following estimated useful lives are used in the calculation of depreciation for assets recorded at cost: (p) Trade and Other Payables These amounts represent liabilities for goods and services to the University prior to the end of the Financial Year and which are unpaid. The amounts are unsecured and are normally paid within 30 days of recognition. (q) Employee Benefits Employee provisions have been calculated to balance date, based upon the remuneration rate expected to apply at the time of settlement. Benefits accruing to employees in respect of salaries, annual leave, long service leave plus related on-costs and termination benefits have been recognised when it is probable that settlement will be required and they are capable of being measured reliably. Provisions made in respect of salaries, annual leave and long service leave plus related on-costs expected to be settled within 12 months, are measured at their nominal values using the remuneration rate expected to apply at the time of settlement. Provisions made in respect of long service leave entitlements (1 to 9 years of service) which are not expected to be settled within 12 months are measured as the present value of the estimated future cash outflows to be made by the entity in respect of the services provided by employees up to the reporting date. (r) Foreign Currency Translation Charles Darwin University Financial Statements 2009

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