X12A0T
X12A1T
X12A13T
Toowoomba Regional Council
Notes to the Financial Statements for the year ended 30 June 2017
Note 14 . Intangible Assets
Notes
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
15,868 |
15,868 |
3,253 |
- |
19,121 |
15,868 |
Opening Accumulated Amortisation and Impairment Amortisation charges Closing Accumulated Amortisation and Impairment |
9 |
( 6,528 ) ( 1,501 ) ( 8,029 ) |
( 5,206 ) ( 1,322 ) ( 6,528 ) |
TOTAL INTANGIBLE ASSETS - NET BOOK VALUE
11,092 9,340
The majority of Council ' s intangible assets are software assets which have a finite useful life estimated at 10 years . Straight line amortisation , with no residual value , has been used for these assets .
The remaining intangible assets are land easements which have indefinite useful lives . For that reason these assets are not amortised .
Note 15 . Trade and Other Payables
Current
Creditors Annual Leave
TOTAL CURRENT TRADE AND OTHER PAYABLES
2017
27,480 11,420
38,900
2016
22,460 11,323
33,783
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 .
Annual Report 2016 - 2017 I TOOWOOMBA REGIONAL COUNCIL 71