2021-11-15 GC Agenda - Item 12 - Attachment 1 - Noosa Council Annual Report 2020-21

Noosa Council
Notes to the Financial Statements
for the year ended 30 June 2021

Note 15. Intangible Assets
§Note/Subtotal§
§Subnote§




$ '000                                                                                                  2021                2020

Intangible Assets are as follows:

Opening Gross Carrying Value                                                                           3,732               3,087
Additions                                                                                                  -                 645
Work in Progress                                                                                       1,601               1,372
Closing Gross Carrying value                                                                           5,333               5,104

Opening Accumulated Amortisation and Impairment                                                       (1,893)            (1,489)
Amortisation in the Period                                                                              (404)              (404)
Closing Accumulated Amortisation and Impairment                                                       (2,297)            (1,893)

Total Intangible Assets - Net Book Value                                                              3,036               3,211

Software assets have a finite life estimated at 10 years.




Note 16. Contract Balances
§Note§




§Subnote§




Contract assets represents the excess of costs incurred in relation to a contract with the customer or construction of an
asset over the amounts that council has invoiced the customer or the grantor. Where Council has invoiced the customer or
the grantor amounts in excess of what it has incurred in relation to a contract or in constructing an asset, this gives rise to a
contract liability.
§Total§




$ '000                                                                                                  2021                2020

(a) Contract assets

Current
Contract Assets                                                                                           487                  27
Total Current Contract Assets                                                                            487                  27

Classified as:
Current Contract Assets                                                                                   487                  27
Total Contract Assets                                                                                    487                  27

Contracts to Construct Council Owned Assets                                                               487                  27



(b) Contract Liabilities
§Total§




Current

Grants
Funds Received Upfront to Construct Council Controlled Assets                                           4,126               1,568
Total Grants                                                                                            4,126               1,568

Other Services
Non-Capital Performance Obligations not yet Satisfied                                                     251                   –
Total Other Services                                                                                      251                   –

Total Current Contract Liabilities                                                                     4,377               1,568




continued on next page ...                                                                                            Page 32 of 61