Toowoomba Regional Council
Notes to the Financial Statements
for the year ended 30 June 2016
Note 1. Significant Accounting Policies (continued)
Council will not be able to collect all amounts due,
the carrying amount is reduced for impairment.
Because Council is empowered under the provisions
of the Local Government Act 2009 to sell an owner's
property to recover outstanding rate debts, Council
does not impair any rate receivables.
1. j
Property, Plant & Equipment
Each class of property, plant and equipment is
stated at cost or fair value less, where applicable,
any accumulated depreciation and accumulated
impairment loss. Items of plant and equipment with
a total value of less than $5,000, and infrastructure
assets and buildings with a total value of less than
$10,000 are treated as an expense in the year of
acquisition. All other items of property, plant and
equipment are capitalised.
The classes of property plant and equipment
recognised by the Council are reported in note 12.
Acquisition of assets
Acquisitions of assets are initially recorded at cost.
Cost is determined as the fair value of the assets
given as consideration plus costs incidental to the
acquisition, including freight in, architect's fees and
engineering design fees and all other establishment
costs.
Property, plant and equipment received in the form
of contr