Cardinia Shire Council - Annual Report 2017-18

Cardinia Shire Council
2017/2018 Financial Report
4.2 Non-financial assets
(a) Inventories
Notes to the Financial Report
For the Year Ended 30 June 2018
2018 2017
$'000
$'000
Inventories held for distribution 26 5
Total inventories 26 5
Inventories held for distribution are measured at cost, adjusted when applicable for any loss of service potential. All other inventories,
including land held for sale, are measured at the lower of cost and net realisable value. Where inventories are acquired for no cost or
nominal consideration, they are measured at current replacement cost at the date of acquisition.
(b) Other assets
Prepayments 548 840
Accrued income 425 430
Deposits on asset purchases 800 1061
Total other assets 1,773 2,331
(c) Intangible assets
Software 587 638
Total intangible assets 587 638
Software
$'000
Gross carrying amount
Balance at 1 July 2017 2,123
Other Additions 129
Disposals (14)
Balance at 30 June 2018 2,238
Accumulated amortisation
and Balance impairment at 1 July 2017 (1,485)
Amortisation expense (212)
Disposals 14
Balance at 30 June 2018 (1,683)
Work in progress at 30 June 2017
Work in progress at 30 June 2018
-
32
Net book value at 30 June 2017 638
Net book value at 30 June 2018 587
Intangible assets with finite lives are amortised as an expense on a systematic basis over the asset's useful life. Amortisation is generally
calculated on a straight line basis, at a rate that allocates the asset value, less any estimated residual value over its estimated useful life.
Estimates of the remaining useful lives and amortisation method are reviewed at least annually, and adjustments made where appropriate.
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