DHF Annual Report 2009 - NT Health Digital Library - Northern ...

o) ReceivablesReceivables include accounts receivable and other receivables and are recognised at fair value less anyallowance for impairment losses.The allowance for impairment losses represents the amount of receivables the Agency estimates are likelyto be uncollectible and are considered doubtful. Analyses of the age of the receivables that are past due asat the reporting date are disclosed in an aging schedule under credit risk in Note 18 Financial Instruments.Reconciliation of changes in the allowance accounts is also presented.Accounts receivable are generally settled within 30 days and other receivables within 30 days.p) Property, Plant and EquipmentAcquisitionsAll items of property, plant and equipment with a cost, or other value, equal to or greater than $5,000are recognised in the year of acquisition and depreciated as outlined below. Items of property, plant andequipment below the $5,000 threshold are expensed in the year of acquisition.The construction cost of property, plant and equipment includes the cost of materials and direct labour, andComplex AssetsMajor items of plant and equipment comprising a number of components that have different useful lives, areaccounted for as separate assets. The components may be replaced during the useful life of the complex asset.Subsequent Additional CostsCosts incurred on property, plant and equipment subsequent to initial acquisition are capitalised when it isthey are accounted for as separate assets and are separately depreciated over their expected useful lives.Construction (Work in Progress)As part of Financial Management Framework, the Department of Construction and Infrastructure isresponsible for managing general government capital works projects on a whole of Government basis.Therefore appropriation for most capital works is provided directly to the Department of Construction andInfrastructure and the cost of construction work in progress is recognised as an asset of that Department.Once completed, capital works assets are transferred to the Agency.q) Revaluations and ImpairmentRevaluation of AssetsSubsequent to initial recognition, assets belonging to the following classes of non-current assets are revaluedtheir fair value at reporting date: Buildings.184Department Health and Families