2018-11-06 S&O Agenda - Attachment 1 to Item 5 - Draft Annual Report 2017-18

                                                                                             Financial Statements 2018



Noosa Shire Council

Notes to the Financial Statements
for the year ended 30 June 2018

Note 14. Intangible Assets
                                                                                                   2018              2017
                                                                                   Notes           $'000             $'000


Intangible Assets are as follows;

Computer Software
Opening Gross Carrying Value                                                                       2,831             2,836
Acquired at Cost                                                                                     256                 -
Disposals                                                                                              -                (5)
Closing Carrying Value                                                                             3,087             2,831
Work In Progress                                                                                   3,135             1,517
Closing Gross Carrying Value                                                                       6,222             4,348

Opening Accumulated Amortisation Balance                                                            (851)             (562)
Amortisation in the period                                                           8              (322)             (293)
Closing Accumulated Amortisation Balance                                                          (1,173)             (851)

Net Book Value                                                                                    5,049            3,497

TOTAL INTANGIBLE ASSETS - NET BOOK VALUE                                                          5,049            3,497

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
                                                                                                    2018              2017
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 discounted 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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