Annual Report 2019-20

Noosa Shire Council

Notes to the Financial Statements
for the year ended 30 June 2020

Note 16. Intangible Assets
                                                                                              2020           2019
                                                                               Notes          $'000          $'000


Intangible assets are as follows;

Opening Gross Carrying Value                                                                 3,087          3,087
Acquired at Cost                                                                               645              -
Work in Progress                                                                             5,797          4,355
Closing Gross Carrying value                                                                 9,529          7,442

Opening Accumulated Amortisation and Impairment                                             (1,489)        (1,173)
Amortisation in the period                                                                    (404)          (316)
Closing Accumulated Amortisation and Impairment                                             (1,893)        (1,489)

TOTAL INTANGIBLE ASSETS - NET BOOK VALUE                                                    7,636          5,953

Software assets have a finite life estimated at 10 years. Town planning scheme assets are amortised over the term
of the plan. Straight line amortisation has been used with no residual value.

Note 17. Contract Balances
Where the amounts billed to customers are based on the achievement of various milestones established in the
contract, the amounts recognised as revenue in a given period do not necessarily coincide with the amounts billed
to or certified by the customer.

When a performance obligation is satisfied by transferring a promised good or service to the customer before the
customer pays consideration or before payment is due, Council presents the work in progress as a contract asset,
unless the rights to that amount of consideration are unconditional, in which case Council recognises a receivable.

When an amount of consideration is received from a customer / fund provider prior to Council transferring a good or
service to the customer, Council presents the funds which exceed revenue recognised as a contract liability.

(a) Contract Assets

Contract Assets                                                                                 27

TOTAL CONTRACT ASSETS                                                                           27

Classified as:
Current Contract Assets                                                                         27
Non-current Contract Assets                                                                      -
Total contract assets                                                                           27

Contracts with Customers                                                                         -
Contracts to Construct Councils Own Assets                                                      27




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