Notes to and forming part of the Financial Statements

Accounting Policy (Cont.)

Derecognition

An item of property, plant and equipment is derecognised upon disposal or when no further future economic benefits are expected from its use or disposal.

Heritage and Cultural Assets

The NCA’s departmental cultural assets comprise a number of individually valued artworks. Administered heritage assets comprise one heritage listed building and a number of memorials across the national estate.

Management plans relating to these assets are available on the NCA's website www.nca.gov.au as follows:

  Parliament House Vista Heritage Management Plan;

  Anzac Parade Heritage Management Plan; and

  Blundells Cottage Heritage Management Plan.

Intangibles

The NCA's intangibles comprise purchased software for internal use. These assets are carried at cost less accumulated amortisation and accumulated impairment losses.

Software is amortised on a straight-line basis over its anticipated useful life. All software assets were assessed for indications of impairment as at 30 June 2019.

Assets Held for Sale

Assets are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than continuing use and a sale is highly probable. These assets are measured at the lower of their carrying amount and fair value less costs to sell. Assets classified as held for sale are not depreciated or amortised.

Accounting Judgements and Estimates

In the process of applying the accounting policies listed in this note, the NCA has made the following judgement that has the most significant impact on the amounts recorded in the financial statements:

  The fair value of land and building assets has been taken to be the market value of similar properties as determined by a qualified independent valuer. In some instances, NCA buildings are purpose built and may realise more or less in the market.

3.2C: Other Non-Financial Assets

Prepayments

Total other non-financial assets

Other non-financial assets are expected to be recovered in no more than 12 months.

No indicators of impairment were found for other non-financial assets.