2017-11-07 S&O Agenda - Attachment 1 to Item 10 - Annual Report 2016-17

                                                                                              Financial Statements 2017



Noosa Shire Council

Notes to the Financial Statements
 for the year ended 30 June 2017

Note 13. Intangible Assets
                                                                                                    2017                  2016
                                                                                    Notes           $'000                 $'000

Intangible Assets are as follows;

Com_puter Software
Opening Gross Carrying Value                                                                       2,836              2,632
Acquired at Cost                                                                                                        204
Disposals                                                                                   - ---····-(2)_
Closing Carrying Value                                                                          . -~.8~1 ·- -         ~~~~~.
Work In Progress                                                                                  .1.• ?17              340
Closing Gross Carrying Value                                                                       4J~~~-           - ·~,1~6-

Opening Accumulated Amortisation Balance                                                            (562)                 (272)
Amortisation in the period                                                            7             (f.93) _              (290)
Closing Accumulated Amortisation Balance                                                           .J~~~J             _(~6_?).

Net Book Value                                                                                    3,497              2,614

TOTAL INTANGIBLE ASSETS- NET BOOK VALUE                                                           3,497              2,614

Software assets have a finite life estimated at 10 years .
Straight line amortisation has been used with no residual value.




Note 14. Trade and Other Payables


Payables
Trade creditors are recognised upon receipt of the goods or services ordered and are measured at the agreed
purchase/contract price net of applicable discounts other than contingent discounts. Amounts owing are
unsecured and are generally settled on 30 day terms.

Liabilities- Employee Benefits
Employee related accruals comprise annual leave, long service leave and accrued salaries and wages in
respect of services provided by the employees up to the reporting date. Liabilities for employee benefits are
assessed at each reporting date. Where it is expected that the leave will be paid in the next twelve months the
liability is treated as a current liability. Otherwise the liability is treated as non-current.

Annual leave

A liability for annual leave is recognised. Amounts expected to be settled within 12 months are calculated on
current wage and salary levels and includes related employee on-costs. Amounts not expected to be settled
within 12 months are calculated on projected future wage and salary levels and related employee on-costs,
and are di~counted to present values. This liability represents an accrued expense. As council does not have
an unconditional right to defer this liability beyond 12 months annual leave is classified as a current liability.




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