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2.2. Non - Financial Assets

2021

$

2020

$

2.2A. Intangibles

Loans application and management system

83,257

83,257

Accumulated amortisation

(62,533)

(54,830)

Total intangibles

20,724

28,427

Analysis of intangibles

Reconciliation of the opening and closing balances of Intangibles

As at 1 July 2020

Gross book value

83,257

54,830

Accumulated depreciation

(54,830)

(54,830)

Net book value 1 July 2020

28,427

-

Additions

-

28,427

Disposals

-

-

Amortisation expense

7,703

-

Net book value 30 June 2021

20,724

-

Net book value as at 30 Jun represented by:

Gross book value

83,257

83,257

Accumulated amortisation

(62,533)

(54,830)

20,724

28,427

Accounting Policy

Assets are recorded at cost on acquisition except as stated below. The cost of acquisition includes the fair value of assets transferred in exchange and liabilities undertaken. Financial assets are initially measured at their fair value plus transaction costs where appropriate.

Assets acquired at no cost, or for nominal consideration, are initially recognised as assets and income at their fair value at the date of acquisition, unless acquired as a consequence of restructuring of administrative arrangements.

In the latter case, assets are initially recognised as contributions by owners at the amounts at which they were recognised in the transferor’s accounts immediately prior to the restructuring.

Intangibles

The Fund’s intangibles comprise capitalised costs relating to the development of the Loan Application Management System. These assets are carried at cost less accumulated amortisation and accumulated impairment losses.

The costs are amortised on a straight-line basis over its anticipated useful life. The useful life of these website costs is three years.

All software assets were assessed for indications of impairment as at 30 June 2021.