2015-16 Annual Report 2015-16 Annual Report | Page 169

Toowoomba Regional Council Notes to the Financial Statements for the year ended 30 June 2016 Note 14. Intangible Assets Notes 2016 $'000 2015 $'000 15,868 15,868 8,973 6,895 15,868 (5,206) (1,322) (6,528) (4,231) (975) (5,206) Intangible Assets represent identifiable non-monetary asset without physical substance. Intangible Assets are as follows: Opening Gross Carrying Value Acquired at Cost Closing Gross Carrying Value Opening Accumulated Amortisation and Impairment Amortisation charges Closing Accumulated Amortisation and Impairment TOTAL INTANGIBLE ASSETS - NET BOOK VALUE 9 9,340 10,662 2016 2015 22,460 11,323 14,694 10,972 33,783 25,666 Software assets have a finite life estimated at 10 years. Straight line amortisation has been used with no residual value. Note 15. Trade and Other Payables Current Creditors Annual Leave TOTAL CURRENT TRADE AND OTHER PAYABLES The fair value of trade and other receivables and payables is assumed to approximate the value of the original transaction, less any allowance for impairment. page 33 TOOWOOMBA REGIONAL COUNCIL Annual Report 2015 - 2016 Financial report CHAPTER 6 169