Annual Report 2020-2021, Northern Territory Legal Aid Commission
Tabled Paper 433
Tabled Papers for 14th Assembly 2020 -; Tabled Papers; ParliamentNT
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Legislative Assembly of the Northern Territory
n o rt h e rn t e rr it o ry l e g a l a id c o m m is si o n a n n u a l re p o rt 2 0 2 0 /2 1 0 6 2 1. Summary Of Significant Accounting Policies (continued) Freehold land and buildings are shown at their fair value based on periodic, but at every five years, valuations by external independent valuers, less subsequent depreciation and subsequent impairment for buildings. In periods when the freehold land and buildings are not subject to an independent valuation, the Commission shall conduct an assessment to ensure the carrying amount for the land and buildings is not materially different to the fair value. Increases in the carrying amount arising on revaluation of land and buildings are recognised in other comprehensive income and accumulated in the revaluation surplus in equity. Revaluation decreases that offset previous increases of the same class of assets shall be recognised in other comprehensive income under the heading of revaluation surplus. All other decreases are recognised in profit or loss. Any accumulated depreciation at the date of the revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset. Freehold land and buildings that have been contributed at no cost or for nominal cost are valued and recognised at the fair value of the asset at the date it is acquired. All other classes of property, plant and equipment are measured at cost and are therefore carried at cost less accumulated depreciation and any accumulated impairment losses. In the event the carrying amount of 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 Notes to the Financial Statements For The Year Ended 30 June 2021 asset. A formal assessment of recoverable amount is made when impairment indicators are present (refer to Note 2(f) for details of impairment). Subsequent costs are included in the 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 Commission 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. Plant and equipment that have been contributed at no cost or for nominal cost are recognised at the fair value of the asset at the date it is acquired. Depreciation The depreciable amount of all fixed assets, including buildings and leasehold improvements, but excluding freehold land, is depreciated /amortised over their expected useful economic lives using the straight line method and are measured at cost. Leased assets and leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements. Assets are first depreciated or amortised in the year of acquisition or, in respect of internally constructed assets, from the time an asset is held ready for use. The depreciation rates used for the major classes of depreciable assets are: Fixed Assets Depreciation Rate Buildings 30 years Plant & Equipment 5 years At the end of each annual reporting period, the depreciation
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