Annual Report 2021-22

Noosa Council
Notes to the Financial Statements
for the year ended 30 June 2022

Note 16. Intangible Assets
§Note/Subtotal§
§Subnote§




                                                                                                        2022              2021
$ '000                                                                                                                 Restated

Intangible Assets are as follows:

Opening Gross Carrying Value                                                                             616                 616
Work in Progress                                                                                         275                 240
Closing Gross Carrying Value                                                                             891                 856

Opening Accumulated Amortisation and Impairment                                                         (449)              (394)
Amortisation in the Period                                                                               (50)               (55)
Closing Accumulated Amortisation and Impairment                                                         (499)              (449)

Total Intangible Assets - Net Book Value                                                                392                 407

Software assets have a finite life estimated at 10 years.

In April 2021 the IFRS Interpretation Committee (IFRIC) clarified the position and treatment for accounting for costs of
configuring or customising a suppliers application software in a Software as a Service (SaaS) arrangement pursuant to AASB
138 – Intangible Assets. The outcome is that Council is not able to recognise an intangible asset where it does not control
the underlying software and those configuration or customisation activities do not create a resource controlled by Council that
is separate from the software.

Council's principle cloud-based enterprise computer system, Technology One and several subsidiary platforms have been
identified as meeting this criteria and as such these previously capitalised costs have been expensed. The application of this
change in accounting policy is outlined in Note 28.



Note 17. 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                                                                                                  2022                2021

(a) Contract Assets

Current
Contract Assets                                                                                             –                487
Total Current Contract Assets                                                                               –                487
Classified as:
Current Contract Assets                                                                                     –                487
Total Contract Assets                                                                                       –                487
Contracts to Construct Council Owned Assets                                                                 –                487




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