Annual Report 2009-2010 Department of Lands and Planning
Tabled paper 1149
Tabled papers for 11th Assembly 2008 - 2012; Tabled papers; ParliamentNT
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98 2009-10 ANNUAL REPORT Department of Lands and Planning The unique nature of some of the heritage and cultural assets may preclude reliable measurement. Such assets have not been recognised in the financial statements. Impairment of Assets An asset is said to be impaired when the assets carrying amount exceeds its recoverable amount. Non-current physical and intangible Agency assets are assessed for indicators of impairment on an annual basis. If an indicator of impairment exists, the Agency 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 Comprehensive 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 Surplus for that class of asset to the extent that an available balance exists in the Asset Revaluation Surplus. In certain situations, an impairment loss may subsequently be reversed. Where an impairment loss is subsequently reversed, the carrying amount of the asset is increased to the revised estimate of its recoverable amount. A reversal of an impairment loss is recognised in the Comprehensive Operating Statement as income, unless the asset is carried at a revalued amount, in which case the impairment reversal results in an increase in the Asset Revaluation Surplus. Note 15 provides additional information in relation to the Asset Revaluation Surplus. (r) Assets Held for Sale Assets held for sale consists of those assets which management has determined are available for immediate sale in their present condition, and their sale is highly probably within the next twelve months. These assets are measured at the lower of the assets carrying amount and fair value less costs to sell. These assets are not depreciated. Non-current assets held for sale have been recognised on the face of the financial statements as current assets. Refer to note 9. (s) Leased Assets Leases under which the Agency assumes substantially all the risks and rewards of ownership of an asset are classified as finance leases. Other leases are classified as operating leases. Finance Leases Finance leases are capitalised. A leased asset and a lease liability equal to the present value of the minimum lease payments are recognised at the inception of the lease. DEPARTMENT OF LANDS AND PLANNING 2. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued) NOTES TO THE FINANCIAL STATEMENTS
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