AITSL Annual Report 2011-12 - Australian Institute for Teaching and ...

useful life to AITSL commencing from the time the asset is held ready for use. The depreciationrates used for each class of asset are based on the following useful lives:Plant and equipmentadjusted if appropriate. Estimates in respect of certain assets were revised during the year endedCulturalAITSL has 2 paintings (2011: 2 ) with an aggregate fair value of $28,000 (2011: $28,000) paintedAt each reporting date AITSL reviews the carrying value of its tangible and intangible assetsto determine whether there is any indication that those assets have been impaired. If such anindication exists, the recoverable amount of the asset, being the higher of the asset’s fair valueless costs to sell and value in use, is compared to the asset’s carrying value. Any excess of theasset’s carrying value over its recoverable amount is expensed to the Statement of ComprehensiveIncome.An item of plant and equipment is derecognised upon disposal or when no further future economic1.11 IntangiblesAITSL’s intangibles include but are not limited to software developed for internal use and the AITSLwebsite. These assets are recorded at cost less any accumulated amortisation and impairmentlosses. These assets have an estimated useful life of 3 years (2011: 3 years) and are amortised ona straight-line basis. All software assets are assessed for indications of impairment as at year end.68 AITSL Annual Report 2011–2012