2009 Corporate total asset management plan
Darwin City Council
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64 Corporate Asset Management Plan CCoorrppoorraattee AAsssseett MMaannaaggeemmeenntt PPllaann Expenditure: The spending of money on goods and services. Expenditure includes recurrent and capital. Fair value: The amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties, in an arms length transaction. Depreciation/ amortisation: the consumption of an asset, whether arising from use, passing of time or obsolescence through technological and market changes. It is accounted for by allocation of the cost (or re-valued amount) of the asset less its residual value over its useful life. Depreciable amount : The cost of an asset, or other amount substituted for its cost, less its residual value (AASB 116.6) Depreciated replacement cost (DRC): The current replacement cost (CRC) of an asset less, where applicable, accumulated depreciation calculated on the basis of such cost to reflect the already consumed or expired future economic benefits of the asset Disposal: Activities necessary to dispose of decommissioned assets. Donated Assets: Assets that are created/acquired by others eg developers or State government, whose ownership has been transferred to Council. Economic life: See useful life definition. Expenditure: The spending of money on goods and services. Expenditure includes recurrent and capital. Fair value: The amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties, in an arms length transaction. FD: Finance Department of Council. IPWEA: Institute of Public Works Engineers Australia. Greenfield asset values **: Asset (re)valuation values based on the cost to initially acquire the asset. Heritage asset: An asset with historic, artistic, scientific, technological, geographical or environmental qualities that is held and maintained principally for its contribution to knowledge and culture and this purpose is central to the objectives of the entity holding it. Impairment Loss: The amount by which the carrying amount of an asset exceeds its recoverable amount.