Annual Report 2018-19

                                                                                              Financial Statements 2019



Noosa Shire Council

Notes to the Financial Statements
for the year ended 30 June 2019

Note 14. Intangible Assets
                                                                                                2019              2018
                                                                                 Notes          $'000             $'000


Intangible Assets are as follows;

Computer Software
Opening Gross Carrying Value                                                                   3,087             2,831
Acquired at Cost                                                                                   -               256
Disposals                                                                                          -                 -
Closing Carrying Value                                                                         3,087             3,087
Work In Progress                                                                               4,355             3,135
Closing Gross Carrying Value                                                                   7,442             6,222

Opening Accumulated Amortisation Balance                                                      (1,173)             (851)
Amortisation in the period                                                         8            (316)             (322)
Closing Accumulated Amortisation Balance                                                      (1,489)           (1,173)

Net Book Value                                                                                5,953             5,049

TOTAL INTANGIBLE ASSETS - NET BOOK VALUE                                                      5,953             5,049

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
                                                                                                 2019             2018
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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