Department of Justice annual report 2005 - 2006
Annual report 2005-2006
Northern Territory. Department of Justice
E-Publications; PublicationNT; E-Books; Department of Justice annual report; Annual report
Includes "Correctional Services annual statistics 2005-2006".; Made available via the Publications (Legal Deposit) Act 2004 (NT).
Justice, Administration Of; Northern Territory; Northern Territory. Department of Justice; Periodicals; annual report
Northern Territory Government
Department of Justice annual report; Annual report
Attorney-General's Department of the Northern Territory annual report
Department of Law annual report
Attribution International 4.0 (CC BY 4.0)
Northern Territory Government
88 Assets Held for Sale Assets held for sale consist of those assets that management has determined are available for immediate sale in their present condition, and their sale is highly probably within the next 12 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. 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 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 Reserve for that class of asset to the extent that an available balance exists in the Asset Revaluation Reserve. 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 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 Reserve. Note 13 provides additional information in relation to the Asset Revaluation Reserve. (m) 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. 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. (n) Payables 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. Annual Report 2005 2006 / Financial Statements
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