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2008 Annual Report

   
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Notes to the Financial Statements 

Note 15: Intangible Assets

Consolidated University
  Software - Purchased Software - Internally Generated Non Software Development Costs Consolidated Total   Software - Purchased Software - Internally Generated University Total
This Year $000 $000 $000 $000   $000 $000 $000
 
Opening Balance at 1 January 2008
Cost 11,226 925 1,914 14,065 11,226 925 12,151
Accumulated Amortisation and Impairment ( 5,209 ) ( 334 ) - ( 5,543 ) ( 5,209 ) ( 334 ) ( 5,543 )
Opening Carrying Amount 6,017 591 1,914 8,522 6,017 591 6,608
 
Year Ended 31 December 2008
Additions 848 - 2,421 3,269 848 - 848
Disposals - - - - - - -
Amortisation Charge ( 954 ) ( 131 ) - ( 1,085 ) ( 954 ) ( 131 ) ( 1,085 )
Closing Carrying Amount 5,911 460 4,335 10,706 5,911 460 6,371
 
Closing Balance at 31 December 2008
Cost 12,074 925 4,335 17,334 12,074 925 12,999
Accumulated Amortisation and Impairment ( 6,163 ) ( 465 ) - ( 6,628 ) ( 6,163 ) ( 465 ) ( 6,628 )
Closing Carrying Amount 5,911 460 4,335 10,706 5,911 460 6,371
 
Consolidated University
  Software - Purchased Software - Internally Generated Non Software Development Costs Consolidated Total   Software - Purchased Software - Internally Generated University Total
Last Year $000 $000 $000 $000   $000 $000 $000
 
 
Opening Balance at 1 January 2007
Cost 10,379 925 310 11,614 10,379 925 11,304
Accumulated Amortisation and Impairment ( 4,450 ) ( 258 ) - ( 4,708 ) ( 4,450 ) ( 258 ) ( 4,708 )
Opening Carrying Amount 5,929 667 310 6,906 5,929 667 6,596
 
Year Ended 31 December 2007
Additions 1,324 - 1,604 2,928 1,324 - 1,324
Disposals ( 477 ) - - ( 477 ) ( 477 ) - ( 477 )
Amortisation Charge * ( 759 ) ( 76 ) - ( 835 ) ( 759 ) ( 76 ) ( 835 )
Closing Carrying Amount 6,017 591 1,914 8,522 6,017 591 6,608
 
Closing Balance at 31 December 2007
Cost 11,226 925 1,914 14,065 11,226 925 12,151
Accumulated Amortisation and Impairment ( 5,209 ) ( 334 ) - ( 5,543 ) ( 5,209 ) ( 334 ) ( 5,543 )
Closing Carrying Amount 6,017 591 1,914 8,522 6,017 591 6,608


* The Amortisation Charge for 2007 reflects that the actual life of all Software is 10 years rather than the assessed life of some software at 4 years in 2006. The net adjustment in 2007 was $688,000.

Non Software Development Costs
Cost incurred on development of projects (relating to the design and testing of new or improved products) are recognised as assets when the following criteria have been fulfilled:

  • it is technically feasible to complete the intangible asset and use or sell it;
  • management intends to complete the intangible asset and use or sell it;
  • there is an ability to use or sell the intangible asset;
  • it can be demonstrated how the intangible asset will generate probable future economic benefit;
  • adequate technical, financial and other resources to complete the development and to use or sell the intangible asset are available; and
  • the expediture attributable to the intangible asset during its development can be reliably measured.

There are no restrictions over the title of the University's intangible assets, nor are any intangible assets pledged as security for liabilities.



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