Note 7: Non-Financial Assets

News & Resources

TORRES STRAIT REGIONAL AUTHORITY

Notes to and forming part of the financial statements for the period ended 30 June 2014

Note 7: Non-Financial Assets

2014
$'000		 2013
$'000
Note 7A: Land and Buildings
Land
Fair value 9,360 9,360
Total land 9,360 9,360
Buildings on freehold land:
    Work in progress 442 175
    Fair value22,273 22,641
Total buildings on freehold land 22,715 22,816
Leasehold Improvements:
    Fair value 161 -
Total leasehold improvements 161 -
Total land and buildings 32,236 32,176

No indicators of impairment were found for land and buildings.

No land or buildings were expected to be sold or disposed of within the next 12 months.

Note 7B: Plant and Equipment
Heritage and cultural:
    Artifacts and artworks
        Fair value 60 60
Total heritage and cultural 60 60
Other plant and equipment:
    Fair value 3,913 3,517
    Accumulated depreciation (2,391) (1,937)
Total other plant and equipment 1,522 1,580
Total plant and equipment 1,582 1,640

No indicators of impairment were found for plant and equipment.

No plant or equipment is expected to be sold or disposed of within the next 12 months.

Revaluations of non-financial assets

All revaluations are conducted in accordance with the revaluation policy stated at Note 1. In 2013-14, an independent valuer, Neil Teves - AAPI Registered Valuer No. 382, conducted the revaluations as at 30 June 2014.

There were no revaluation increments or decrements recorded for land (2013: $175,000). There were no revaluation increments or decrements recorded for plant and equipment (2013: Nil). Revaluation increments were recorded for buildings on freehold land of $184,185 (2013: $235,711) and have been credited to the asset revaluation surplus by asset class and included in the equity section of the balance sheet and the other comprehensive income section of the statement of comprehensive income.

TORRES STRAIT REGIONAL AUTHORITY

Notes to and forming part of the financial statements for the period ended 30 June 2014

Note 7: Non-Financial Assets

Note 7C: Reconciliation of the opening and closing balances of property, plant and equipment for 2014

Land
$'000		 Buildings
$'000		 Total land & buildings
$'000		 Heritage1 & cultural
$'000		 Other plant & equipment
$'000		 Total
$'000
As at 1 July 2013
Gross book value9,360 22,816 32,176 60 3,517 35,753
Accumulated depreciation and impairment - - - - (1,937) (1,937)
Total as at 1 July 20139,360 22,816 32,176 60 1,580 33,816
Additions:
    By purchase - 619 619 - 449 1,068
Revaluations and impairments recognised in other
comprehensive income -184 184 - - 184
Depreciation- (743) (743) - (507) (1,250)
Total as at 30 June 20149,360 22,876 32,236 60 1,522 33,818
Total as at 30 June 2014 represented by
Gross book value9,360 22,876 32,236 60 3,913 36,209
Accumulated depreciation and impairment - - - - (2,391) (2,391)
Total as at 30 June 2014 9,360 22,876 32,236 60 1,522 33,818

Note 7C (Cont'd): Reconciliation of the opening and closing balances of property, plant and equipment for 2013

Land
$'000		 Buildings
$'000		 Total land & buildings
$'000		 Heritage 1 & cultural
$'000		 Other plant & equipment
$'000		 Total
$'000
As at 1 July 2012
Gross book value 9,185 18,753 27,938 60 3,008 31,006
Accumulated depreciation and impairment - - - - (1,325) (1,325)
Total as at 1 July 2012 9,185 18,753 27,938 60 1,683 29,681
Additions:
    By purchase - 4,483 4,483 - 509 4,992
Revaluations and impairments recognised in other
comprehensive income 175 236 411 - - 411
Depreciation - (656) (656) - (612) (1,268)
Total as at 30 June 2013 9,360 22,816 32,176 60 1,580 33,816
Total as at 30 June 2013 represented by:
Gross book value 9,360 22,816 32,176 60 3,517 35,753
Accumulated depreciation and impairment - - - - (1,937) (1,937)
Total as at 30 June 2013 9,360 22,816 32,176 60 1,580 33,816

1 Land, buildings and other plant and equipment that met the definition of a heritage and cultural item were disclosed in the heritage and cultural asset class.

Previous PageNext Page