Territory Stories

Annual Report 2016-2017 Department of the Legislative Assembly

Details:

Title

Annual Report 2016-2017 Department of the Legislative Assembly

Other title

Tabled paper 405

Collection

Tabled papers for 13th Assembly 2016 - 2020; Tabled papers; ParliamentNT

Date

2017-10-10

Description

Deemed

Notes

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.

Language

English

Subject

Tabled papers

File type

application/pdf

Use

Copyright

Copyright owner

See publication

License

https://www.legislation.gov.au/Details/C2019C00042

Parent handle

https://hdl.handle.net/10070/272314

Citation address

https://hdl.handle.net/10070/428605

Page content

DEPARTMENT OF THE LEGISLATIVE ASSEMBLY NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2017 DLA Annual Report 2016-17 Page 44 12a. INTANGIBLE ASSETS The Department of the Legislative Assembly does not hold any intangible assets. 12b. BIOLOGICAL ASSETS The Department of the Legislative Assembly does not hold any biological assets. 2017 2016 $000 $000 12c. HERITAGE AND CULTURAL ASSETS Carrying amount At valuation 137 137 Less: Accumulated depreciation (25) (23) Written down value 30 June 112 114 Reconciliation of movements Carrying amount at 1 July 114 115 Additions - - Depreciation (1) (1) Carrying amount as at 30 June 112 114 Heritage and Cultural Assets Valuation The Heritage and Cultural Assets have not been independently valued. Refer to Note 13: Fair Value Measurement of Non-Financial Assets for additional disclosures. Impairment of Heritage and Cultural Assets Agency heritage and cultural assets were assessed for impairment as at 30 June 2017. No impairment adjustments were required as a result of this review. Assets Held for Sale The Department of the Legislative Assembly does not hold any assets for sale. 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 lease asset and lease liability equal to the lower of the fair value of the leased property and present value of the minimum lease payments, each determined at the inception of the lease, are recognised. Lease payments are allocated between the principal component of the lease liability and the interest expense. Operating Leases Operating lease payments made at regular intervals throughout the term are expensed when the payments are due, except where an alternative basis is more representative of the pattern of benefits to be derived from the leased property. Lease incentives under an operating lease of a building or office space is recognised as an integral part of the consideration for the use of the leased asset. Lease incentives are to be recognised as a deduction of the lease expenses over the term of the lease.


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