Berry Street Web Docs Financial Report 2011 | Page 21

BERRY STREET VICTORIA INC . ABN 24 719 196 762 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2011

NOTE 8 : PROPERTY , PLANT AND EQUIPMENT ( Continued )

It is the policy of the association to revalue land and buildings every three years and this will next occur during the 2011-2012 financial year . Valuers were instructed to determine fair market values for the properties and these were based on the direct comparison approach , using recent sales of properties in the neighbourhood , making adjustments for quality and condition of improvements , aspects of the land as well as redevelopment potential .

As at 30 June 2011 the directors reviewed the key assumptions made by the valuers at 30 June 2008 . They have concluded that these assumptions remain materially unchanged , and are satisfied that the carrying value does not exceed the recoverable amount of land and buildings at 30 June 2011 .

NOTE 9 : INTANGIBLE ASSETS

2011 2010 $ $

Net carrying value 1,679,075 50,123

Payroll software was purchased in 2008 and is a finite life intangible asset carried at cost less any accumulated amortisation . It has an estimated useful life of five years . It will be assessed annually for impairment .

30,129 50,123

A property was donated to the entity during the current year . The property was donated subject to various conditions of use in relation to the running of a specific project , as such the property was considered to be treated and classified as an intangible asset with a finite life in accordance with AASB138 Intangible Assets . The property was recognised at cost which is deemed to be the fair value of the property at the time it was donated and is amortised over the period of the specific project deemed to be ten years .

1,648,946 -

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