Annual report [1997-98] - Family Court of Australia

More documents

Recommendations

Info

The Family Court of Australia – annual report 1997-98 FAMILYCOURTOF AUSTRALIA NOTES TO AND FORMING PART OFTHE FINANCIALSTATEMENTS for the year ended 30 June 1998 Leases of infrastructure, plant and equipment under which all the risks and benefits incidental to ownership are effectively transferred from the lessor to the lessee are classified as “finance leases”. Where assets are acquired by means of finance leases, the present value of the minimum lease payments is capitalised as an asset at the inception of the lease term and amortised on a straight line basis over the expected useful life of the leased assets. A corresponding liability is also recognised and each lease payment is allocated between the liability and finance charge. As at balance date the Court did not have any assets acquired under finance lease. 2.8 Financial Instruments Accounting policies for financial instruments are stated at note 32. The Court is complying with the requirements of AAS33, Presentation and Disclosure of Financial Instruments, which applies to the Court for the first time in 1997-98. 2.9 Receivables All outstanding accounts were reviewed at 30 June 1998 and a provision for doubtful debts was not considered necessary. 2.10 Property, plant and equipment The carrying amount of property, plant and equipment disclosed in the Departmental Statement of Assets and Liabilities is the cost of acquisitions less accumulated depreciation or amortisation as at balance date. The year end balance of these assets disclosed in the Statement of Assets and Liabilities reflects the remaining service potential of assets capitalised. The carrying amounts of property, plant and equipment held by the Court have been reviewed to determine whether they are in excess of their recoverable amounts. In assessing recoverable amounts the relevant cash flows have not been discounted to their present value. Asset Capitalisation Threshold All items of property, plant and equipment with an expected economic life exceeding twelve months and historic costs equal to or in excess of $2,000 are capitalised in the year of acquisition. Assets with historical costs less than $2,000 are expensed in the year of acquisition unless they form a large group of similar assets which is significant in total. Library Collections The Court valued its library collections with an expected economic life exceeding twelve months on hand at 30 June 1997. The collections were valued according to 111
The Family Court of Australia – annual report 1997-98 FAMILYCOURTOF AUSTRALIA NOTES TO AND FORMING PART OFTHE FINANCIALSTATEMENTS for the year ended 30 June 1998 the deprival value methodology and in accordance with Australian Accounting Standard 29, Financial Reporting by Government Departments. Revaluations Schedule 2 requires that property, plant and equipment be progressively revalued in accordance with the deprival method of valuation by 1 July 1999 and thereafter be revalued progressively on that basis every three years. The Court is implementing its progressive revaluation to satisfy the above requirement as follows; leasehold improvements will be revalued in the financial year 1998-99 for the first time on a geographical basis; plant and equipment assets are initially being revalued over the financial years 1997-98 and 1998-99; thereafter, these items will be revalued on the same basis every three years. Assets in each class acquired after the commencement of the progressive revaluation cycle will be reported at cost for the duration of the progressive revaluation then in progress. The financial effect of the move to progressive revaluation is that the carrying amounts of assets will reflect current values and that depreciation charges will reflect the current cost of the service potential consumed in each period. 2.11 Depreciation and amortisation of non-financial assets Items of leasehold improvement, infrastructure, plant and equipment and intangibles are depreciated or amortised over their estimated useful lives or the unexpired period of the lease, on a straight line basis, when installed and ready for use. Estimated useful lives to the Court are reviewed annually. Depreciation and amortisation rates applying to each class of depreciable assets are as follows: 1997/98 1996/97 Leasehold improvements 8 years 8 years or or Lease term Lease term Plant and equipment 3 to 6 years 3 to 6 years The aggregate amount of depreciation and amortisation allocated to each class of asset during the year is disclosed in Note 23. 112
Page 2:
FAMILY COURT of AUSTRALIA Family Co
Page 5 and 6:
The Family Court of Australia - ann
Page 7 and 8:
Page 9 and 10:
Page 11 and 12:
Page 13 and 14:
Page 15 and 16:
Page 17 and 18:
Page 19 and 20:
Page 21 and 22:
Page 23 and 24:
Page 25 and 26:
Page 27 and 28:
Page 29 and 30:
Page 31 and 32:
Page 33 and 34:
Page 35 and 36:
Page 37 and 38:
Page 39 and 40:
Page 41 and 42:
Page 43 and 44:
Page 45 and 46:
Page 47 and 48:
Page 49 and 50:
Page 51 and 52:
Page 53 and 54:
Page 55 and 56:
Page 57 and 58:
Page 59 and 60:
Page 61 and 62:
Page 63 and 64:
Page 65 and 66: The Family Court of Australia - ann
Page 75 and 76: TheFamilyCourt of Australia - annua
Page 101 and 102: The Family Court of Australia- annu
Page 115: The Family Court of Australia - ann
Page 123 and 124: The Famil yCour to fAustra lia -ann
Page 125 and 126: TheFamilyCourtofAustralia-annualrep
Page 143: The Family Court of Australia - ann
show all

Annual report [1997-98] - Family Court of Australia

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?