Annual Report 2016-2017 Department of the Legislative Assembly
Tabled paper 405
Tabled Papers for 13th Assembly 2016 - 2020; Tabled Papers; ParliamentNT
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DEPARTMENT OF THE LEGISLATIVE ASSEMBLY NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2017 DLA Annual Report 2016-17 Page 46 approaches. Significant judgement was also used in assessing the remaining service potential of the facilities, given local environmental conditions, projected usage, and records of the current condition of the facilities. c) Additional Information for Level 3 Fair Value Measurements (i) Reconciliation of Recurring Level 3 Fair Value Measurements Buildings Infrastructure Plant and Equipment Heritage and Cultural $000 $000 $000 $000 2016-17 Fair value as at 1 July 2016 204,414 103 36 114 Additions - - 294 - Depreciation (3,526) (3) (18) (1) Additions/Disposals from asset transfers 209 - - - Gains/losses recognised in other Revaluation Increments/(Decrements) - - - - Fair value as at 30 June 2017 201,097 100 312 112 2015-16 Fair value as at 1 July 2015 209,713 209 61 115 Additions - - - - Depreciation (3,526) (3) (25) (1) Additions/Disposals from asset transfers - - - - Gains/losses recognised in other Revaluation Increments/(Decrements) (1,772) (103) - - Fair value as at 30 June 2016 204,414 103 36 114 (ii) Sensitivity analysis The Level 3 assets apart from Buildings use historical cost less depreciated value to obtain the assets fair value. As the material components of these assets do not have an active market, historical cost method of valuation was used. In respect of sensitivity of fair value to changes in input, higher or lower useful life would increase or decrease the fair value respectively. Buildings asset was revalued as at 30 June 2015 using replacement cost. 2017 2016 $000 $000 14. PAYABLES Accounts payable 186 144 Accrued expenses 364 220 Total Payables 549 364 Liabilities for accounts payable and other amounts payable are carried at cost, which is the fair value of the consideration to be paid in the future for goods and services received, whether or not billed to the agency. Accounts payable are normally settled within 30 days.