4.2. Intangible assets 2017 2016 $ $ Capitalised software development at cost 391,793 391,793 – Less: accumulated depreciation -279,852 -223,882 Total intangible assets 111,941 167,911 Reconciliation of carrying amounts Carrying value at start of the year 167,911 223,882 Depreciation expense -55,970 -55,971 Carrying value at end of the year 111,941 167,911 Purchased intangible assets are initially recognised at cost. When the recognition criteria in AASB 138 Intangible Assets is met, internally generated intangible assets are recognised at cost. Subsequently, intangible assets with finite useful lives are carried at cost less accumulated amortisation and accumulated impairment losses. Depreciation and amortisation begins when the asset is available for use, that is, when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. An internally generated intangible asset arising from development (or from the development phase of an internal project) is recognised if, and only if, all of the following are demonstrated: an intention to complete the intangible asset and use or sell it; the ability to use or sell the intangible asset; the intangible asset will generate probable future economic benefits; the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and the ability to measure reliably the expenditure attributable to the intangible asset during its development. 4.3. Depreciation Charge for the period 2017 2016 $ $ Leasehold improvements 22,054 94,226 Office and computer equipment 2,157 2,934 Motor vehicles under finance lease 22,084 15,974 Intangible assets 55,970 55,971 Total depreciation 102,265 169,105 Leasehold improvements are depreciated over the period of the lease or estimated useful life, whichever is the shorter, using the straight line method.
4.2. Intangible assets 2017 2016 $ $ Capitalised software development – at cost 391,793 391,793 Less: accumulated depreciation -279,852 -223,882 Total intangible assets 111,941 167,911 Reconciliation of carrying amounts Carrying value at start of the year 167,911 223,882 Depreciation expense -55,970 -55,971 Carrying value at end of the year 111,941 167,911 Purchased intangible assets are initially recognised at cost. When the recognition criteria in AASB 138 Intangible Assets is met, internally generated intangible assets are recognised at cost. Subsequently, intangible assets with finite useful lives are carried at cost less accumulated amortisation and accumulated impairment losses. Depreciation and amortisation begins when the asset is available for use, that is, when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. An internally generated intangible asset arising from development (or from the development phase of an internal project) is recognised if, and only if, all of the following are demonstrated: an intention to complete the intangible asset and use or sell it; the ability to use or sell the intangible asset; the intangible asset will generate probable future economic benefits; the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and the ability to measure reliably the expenditure attributable to the intangible asset during its development. 4.3. Depreciation Charge for the period 2017 2016 $ $ Leasehold improvements 22,054 94,226 Office and computer equipment 2,157 2,934 Motor vehicles under finance lease 22,084 15,974 Intangible assets 55,970 55,971 Total depreciation 102,265 169,105 Leasehold improvements are depreciated over the period of the lease or estimated useful life, whichever is the shorter, using the straight line method.
11001-DPC-VPSC-annual-report-2016_2017-ACCESSIBLE-V1.docx