2014/2015 ANNUAL REPORT
UuF8C
UuF8C
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Notes to the Financial Statements<br />
for the financial year ended 30 June <strong>2015</strong><br />
Table 6.9 Description of significant unobservable inputs to Level 3 valuations<br />
Leasehold<br />
improvements<br />
Plant and equipment<br />
Motor vehicle under<br />
finance lease<br />
Note 7<br />
Valuation<br />
technique<br />
Depreciated<br />
replacement<br />
cost<br />
Depreciated<br />
replacement<br />
cost<br />
Depreciated<br />
replacement cost<br />
Significant<br />
unobservable<br />
inputs<br />
Cost per<br />
square metre<br />
Useful life of leasehold<br />
improvements<br />
Range<br />
(weighted<br />
average)<br />
Cost per unit $5,000–<br />
$20,000<br />
per unit<br />
Useful life of plant<br />
equipment<br />
Cost per unit $20,000–<br />
$30,000<br />
per unit<br />
Useful life of<br />
vehicles<br />
Sensitivity of fair<br />
value measurement to changes in<br />
significant unobservable inputs<br />
A significant increase or<br />
decrease in direct cost<br />
per square metre adjustment<br />
would result in a significantly<br />
higher or lower fair value.<br />
6 years A significant increase or decrease<br />
in the lease term of the asset<br />
would result in a significantly<br />
higher or lower fair value.<br />
A significant increase or<br />
decrease in cost per unit<br />
would result in a significantly<br />
higher or lower fair value.<br />
5–10 years A significant increase or<br />
decrease in the estimated<br />
useful life of the asset would<br />
result in a significantly<br />
higher or lower fair value.<br />
A significant increase or<br />
decrease in direct cost per unit<br />
would result in a significantly<br />
higher or lower fair value.<br />
5 years A significant increase or<br />
decrease in the estimated<br />
useful life of the asset would<br />
result in a significantly<br />
higher or lower fair value.<br />
Other non- financial assets <strong>2015</strong> <strong>2014</strong><br />
Current other assets $ $<br />
Prepayments 2,630 840<br />
Total current other assets 2,630 840<br />
Note 8<br />
PayABLES <strong>2015</strong> <strong>2014</strong><br />
Current payables $ $<br />
Contractual<br />
Supplies and services administrative 54,737 47,891<br />
Supplies and services capital - -<br />
Supplies and services Judicial training - 8,860<br />
Employee benefits 14,115 7,434<br />
68,852 64,185<br />
Statutory<br />
Taxes payable - 1,931<br />
Total payables 68,852 66,116<br />
(a) Maturity analysis of payables<br />
Refer to table 15.2 in note 15.<br />
(b) Nature and extent of risk arising from payables<br />
Refer to table 15.3 in note 15.<br />
Note 9<br />
Borrowings <strong>2015</strong> <strong>2014</strong><br />
Current borrowings $ $<br />
Lease liabilities (i) (note 12) 5,180 5,180<br />
Total current borrowings 5,180 5,180<br />
Non-current borrowings<br />
Lease liabilities (i) (note 12) 7,274 12,808<br />
Total non-current borrowings 7,274 12,808<br />
Total borrowings 12,454 17,988<br />
(i) secured by assets leased. Finance leases are effectively secured as the rights to the leased assets revert to the lessor in the event of default.<br />
(a) Maturity analysis of interest bearing liabilities<br />
Refer to table 15.2 in Note 15.<br />
(b) Nature and extent of risk arising from interest bearing liabilities<br />
Refer to table 15.3 in Note 15.<br />
44 <strong>2014</strong>/15 Annual Report Judicial College of Victoria Judicial College of Victoria <strong>2014</strong>/15 Annual Report 45
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