Annual report 2003-2004, Department of Corporate and Information Services
Department of Corporate and Information Services annual report 2003 - 2004
Northern Territory. Department of Corporate and Information Services
E-Publications; E-Books; PublicationNT; Department of Corporate and Information Services annual report; Annual report
Made available by the Library & Archives NT via the Publications (Legal Deposit) Act 2004 (NT).
Northern Territory. Department of Corporate and Information Services -- Periodical
Northern Territory Government
Department of Corporate and Information Services annual report; Annual report
Attribution International 4.0 (CC BY 4.0)
Northern Territory Government
Data Centre Services Financial Statements 145 (i) Property, plant and equipment (continued) Depreciation and amortisation Items of property, plant and equipment, including buildings but excluding freehold land, have limited useful lives and are depreciated/amortised using the straight-line method over their estimated useful lives. The estimated useful lives for each class of asset, for the current and previous years, are as follows: 2004 2003 Plant and equipment 2 5 Years 2 5 Years Computer equipment and software 24 Years 2 4 Years Leased computer equipment 3 5 Years 3 5 Years Assets are depreciated or amortised from the date of acquisition or, in respect of internally constructed assets, from the time an asset is completed and held ready for use. (j) Leased assets Leases under which the entity assumes substantially all the risks and benefits of ownership are classified as finance leases. Other leases are classified as operating leases. Finance leases Finance leases are capitalised. A lease asset and a lease liability equal to the present value of the minimum lease payments are recorded at the inception of the lease. Lease liabilities are reduced by repayments of principal. The interest components of the lease payments are expensed. Operating leases Payments made under operating leases are expensed on a straight line basis over the term of the lease, except where an alternative basis is more representative of the pattern of benefits to be derived from the lease property. (k) Recoverable amount of non-current assets valued on the cost basis The carrying amounts of non-current assets valued on the cost basis are reviewed to determine whether they are in excess of their recoverable amount at balance date. If the carrying amount of a non-current asset exceeds its recoverable amount, the asset is written down to the lower amount. The write-down is recognised as an expense in the net profit or loss in the reporting period in which it occurs. Where a group of assets working together supports the generation of cash inflows, the recoverable amount is assessed in relation to that group of assets. In assessing recoverable amounts of non-current assets the relevant cash flows are not discounted to their present value, except where specifically stated.