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
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