NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2022
Note 6: Intangible assets (continued) Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses. Internally generated intangibles are not capitalised and the related expenditure is reflected in profit or loss in the period in which the expenditure is incurred. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in the Consolidated Statement of Profit or Loss. Amortisation is calculated on a straight-line basis over the estimate useful lives of the assets as follows: Trademarks: 10 years Webpage: 5 years Note 7: Plant and Equipment
2022 $
2021 $
At written down value
245,977
237,964
245,977
237,964
Movements in Carrying Amounts Movements in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the financial year are as follows:
Plant and Equipment at cost $
Balance as at 1 July 2021
245,977
Additions
86,078
Disposals
-
Depreciation
94,091
Balance as at 30 June 2022
237,964
Plant and equipment is stated at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is calculated on a straight-line basis over the estimated useful life of the asset as follows: IT equipment: 2.5 - 5 years Other equipment: 2.5 - 1 0 years The assets residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.
GO VITA GROUP LIMITED ANNUAL REPORT 2021-2022 I 57
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