Annual Report and Accounts 2012/13 - Royal Devon & Exeter Hospital

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ROYAL DEVON AND EXETER NHS FOUNDATION TRUST - ANNUAL ACCOUNTS 2012/13 NOTES TO THE ACCOUNTS 1. ACCOUNTING POLICIES (CONTINUED) 1.2 Expenditure Expenditure on goods and services is recognised when, and to the extent that they have been received, and is measured at the fair value of those goods and services. Expenditure is recognised in operating expenses except where it results in the creation of a non-current asset such as property, plant and equipment. 1.3 Intangible assets Recognition Intangible assets are non-monetary assets without physical substance which are capable of being sold separately from the rest of the Trust’s business or which arise from contractual or other legal rights. They are recognised only where it is probable that future economic benefits will flow to, or service potential be provided to, the Trust and where the cost of the asset can be measured reliably. Intangible assets are capitalised when they are capable of being used in the Trust's activities for more than one year and have a cost of at least £15,000. Internally generated intangible assets Internally generated goodwill, brands, publishing titles, customer lists and similar items are not capitalised as intangible assets. Measurement Intangible assets are recognised initially at cost, comprising all directly attributable costs needed to create, produce and prepare the asset to the point that it is capable of operating in the manner intended by management. Subsequently intangible assets are measured at fair value. Revaluation gains and losses and impairments are treated in the same manner as for property, plant and equipment (see note 1.4). Amortisation and impairment Intangible assets are amortised over their expected useful lives in a manner consistent with the consumption of economic or service delivery benefits. The carrying value of intangible assets is reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable. Software Software that is integral to the operation of hardware, e.g. an operating system, is capitalised as part of the relevant item of property, plant and equipment. Software that is not integral to the operation of hardware, e.g. application software, is capitalised as an intangible asset. Purchased computer software licences are capitalised as intangible assets where expenditure of at least £15,000 is incurred and amortised over the shorter of the term of the licence and their useful lives. Asset category Software licences Useful life (years) 4 - 7 Page 11
ROYAL DEVON AND EXETER NHS FOUNDATION TRUST - ANNUAL ACCOUNTS 2012/13 NOTES TO THE ACCOUNTS 1. ACCOUNTING POLICIES (CONTINUED) 1.3 Intangible assets (continued) Research and development Expenditure on research is not capitalised. Expenditure on development is capitalised only where all of the following can be demonstrated: - - - - - - the project is technically feasible to the point of completion and will result in an intangible asset for sale or use; the Trust intends to complete the asset and sell or use it; the Trust has the ability to sell or use the asset; how the intangible asset will generate probable future economic or service delivery benefits, e.g. the presence of a market for it or its output, or where it is to be used for internal use, the usefulness of the asset; adequate financial, technical and other resources are available to the Trust to complete the development and sell or use the asset; and the Trust can measure reliably the expenses attributable to the asset during development. Expenditure which does not meet the criteria for capitalisation is treated as an operating cost in the year in which it is incurred. Where possible the Trust will disclose the total amount of research and development expenditure charged in the Statement of Comprehensive Income separately. However, where research and development activity cannot be separated from patient care activity it cannot be identified and is therefore not separately disclosed. Other property, plant and equipment assets acquired for use in research and development are amortised over the life of the associated project. 1.4 Property, plant and equipment Recognition Property, plant and equipment are capitalised where: - - - - - - - it is held for use in delivering services or for administrative purposes; it is probable that future economic benefits will flow to, or service potential be provided to, the Trust; it is expected to be used for more than one financial year; the cost of the item can be measured reliably and; has an individual cost of at least £15,000; or the items form a group of assets which individually have a cost of more than £250, collectively have a cost of at least £15,000, where the assets are functionally interdependent, they had broadly simultaneous purchase dates, are anticipated to have simultaneous disposal dates and are under single managerial control; or form part of the initial equipping and setting-up costs of a new building or on refurbishment, may also be "grouped" for capitalisation purposes. Page 12
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1. Our Year Royal Devon and Exeter
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1. Chief Executive’s Introduction
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4. Annex A Royal Devon and Exeter N
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Annual Report and Accounts 2012/13 - Royal Devon & Exeter Hospital

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