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Belyuen Community Government Council annual report 2018-19



Belyuen Community Government Council annual report 2018-19


Belyuen Community Government Council


E-Publications; E-Books; PublicationNT; Belyuen Community Government Council annual report; Annual Report




Made available via the Publications (Legal Deposit) Act 2004 (NT).




Belyuen Community Government Council; Local government; Periodical

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Belyuen Community Government Council

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Belyuen Community Government Council annual report; Annual Report



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Belyuen Community Government Council



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BELYUEN COMMUNITY GOVERNMENT COUNCIL 14 NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2019 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Contd) Inventory Inventories held for sale are measured at the lower of cost and net realisable value. Property Plant and Equipment Property, plant and equipment are measured on the cost basis and therefore carried at cost less accumulated depreciation and any accumulated impairment losses. In the event the carrying amount of property, plant and equipment is greater than the estimated recoverable amount, the carrying amount is written down immediately to the estimated recoverable amount and impairment losses are recognised either in profit or loss, or as a revaluation decrease if the impairment losses relate to a revalued asset. A formal assessment of recoverable amount is made when impairment indicators are present (refer to Impairment of Assets). Subsequent costs are included in an assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Council and the cost of the item can be measured reliably. All other repairs and maintenance are recognised as expenses in profit or loss in the financial period in which they are incurred. Depreciation The depreciable amount of all non-current assets is depreciated on a straight line basis over the assets useful life commencing from the time the asset is available for use. The depreciation rates used for each class of depreciable assets are: Useful Life Depreciation Rate Years % 2019 2018 2019 2018 Buildings & Infrastructure 20 20 5 5 Motor Vehicles 5 5 20 20 Office Furniture & Fittings 5 5 20 20 The assets residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains or losses are recognised in profit or loss in the period in which they arise.