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Note 6 Asset Depreciation
6.ASSET DEPRECIATION
By Program
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Community amenities Recreation and culture Transport Other property and services
By Class
Buildings - non-specialised Furniture and equipment Plant and equipment Information technology Infrastructure - roads Infrastructure - pathways Infrastructure - drainage Infrastructure - parks Infrastructure - other Right of use - furniture and fittings
SIGNIFICANT ACCOUNTING POLICIES 2022/23 2021/22 2021/22 Budget Actual Budget
2,290,000 2,288,588 1,603,000 54,800 67,929 400,000 390,000 395,781 390,000 90,000 90,242 360,000 4,539,306 4,539,304 4,089,900 1,213,318 1,213,318 1,195,000 456,035 456,038 465,000 431,474 431,474 450,000 470,000 463,410 465,300 16,710 66,838 50,000 9,951,643 10,012,922 9,468,200
DEPRECIATION AMORTISATION
The depreciable amount of all fixed assets including buildings The depreciable amount of all intangible assets with a finite useful but excluding freehold land, are depreciated on a straight-line life, are depreciated on a straight-line basis over the individual basis over the individual asset’s useful life from the time the asset’s useful life from the time the asset is held for use. asset is held ready for use. Leasehold improvements are depreciated over the shorter of either the unexpired period of The assets residual value of intangible assets is considered to be the lease or the estimated useful life of the improvements. zero and useful live and amortisation method are reviewed at the end of each financial year.
The assets residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. Amortisation is included within Depreciation on non-current assets in the Statement of Comprehensive Income.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.
Major depreciation periods used for each class of depreciable asset are: Buildings - non-specialised 30 to 50 years Furniture and equipment 4 to 10 years Plant and equipment 5 to 15 years Information technology Infrastructure - roads 20 to 80 years Infrastructure - pathways 20 years Infrastructure - drainage 80 years Infrastructure - parks 10 to 60 Years Infrastructure - other Right of use - furniture and fittings
