Indigenous Land Corporation gpo box 652 Adelaide sa 5001

Asset class
Fair value measured at:
Leasehold improvements	Depreciated replacement cost
Office equipment, furniture and fittings and computer systems	Market selling price
Property, plant and equipment on Commercial Properties, being buildings and infrastructure, plant and equipment, furniture and fittings and motor vehicles.	Market selling price or depreciated replacement cost

Revaluation adjustments are made on a class basis. Any revaluation increment is credited to equity (Revaluation Reserve) except to the extent that it reverses a previous revaluation decrement of the same class of assets. Revaluation decrements for a class of assets are recognised directly in the surplus/deficit except to the extent that they reverse a previous revaluation increment for that class.

Any accumulated depreciation as at the revaluation date is eliminated against the gross carrying amount of the asset and the asset restated to the revalued amount.

Revaluation adjustments as a result of significant judgements or estimates are included in Note 1 in the financial statements.

Depreciation and Amortisation

Depreciable property, plant and equipment are written-off to their estimated residual values over their estimated useful lives to the Corporation using both the diminishing value and prime cost method of depreciation. Leasehold improvements are amortised over the lower of the estimated useful life of the improvements or the unexpired period of the lease.

Depreciation rates (useful lives) and methods are reviewed at each reporting date and necessary adjustments are recognised in the current, or current and future reporting periods, as appropriate. Residual values are re-estimated for a change in prices only when assets are revalued.

1.20 Property, plant and equipment (cont.)

Depreciation rates applying to each class of assets are as follows:

	Diminishing Value 2014	Diminishing Value 2013	Prime Cost 2014	Prime Cost 2013
Administration Assets
Office equipment	20–50%	20–50%	–	–
Furniture and fittings	20–40%	20–40%	–	–
Computer equipment	40–67%	40–67%	–	–
Office fit-outs	–	–	10–67%	10–67%
Commercial Property Assets
Buildings and infrastructure	2.5–40%	2.5–40%	–	–
Plant and equipment	5–67%	5–67%	–	–
Furniture and fitting	13–67%	13–67%	–	–
Motor Vehicles	20–45%	20–45%	–	–

The aggregate amount of depreciation allocated for each class of asset during the reporting period is disclosed in Note 10G.