UNITY BANK LIMITED 2022 Financial Report
ABN 11 087 650 315 UNITY BANK LIMITED 2022 Financial Report
ABN 11 087 650 315
Land and Buildings – at Fair Value In December 2019, the Bank decided to move from the Historical Cost model to the Revaluation model under AASB 116 for the measurement of land and buildings it owned. The fair value of land and buildings was determined from market-based evidence by appraisal that was undertaken by a professionally qualified independent valuer. A revaluation decrease of $899k was included within the accounts for land and buildings in the 2020-21 financial year. Under AASB 116 revaluations are required every three years. Management has not performed a revaluation in the financial year 2022 but believes that the value of the asset is reasonable and not subject to impairment because of current increases in property values. The decrease was due to the valuation impacts on commercial property from the COVID-19 Pandemic.
15. TAXATION ASSETS
Note
2022 $'000 1,908 (135) (293)
2021 $'000 2,287 (379)
Opening balance
Add movements in the current year Adjustment for changes in opening balances
-
1,480
1,908
Deferred Tax Assets
Tax Instalments recoverable
22
-
48
1,480
1,956
Deferred Tax Assets Comprise: Accrued Expenses not deductible until incurred Provisions for impairment on loans
125 772
160 917
Provisions for employee benefits
1,282
1,388
Deferred income
81
92
Depreciation on fixed assets Deferred expenses for tax purposes
(936) 156 1,480
(854) 205 1,908
16. INTANGIBLE ASSETS
Computer software
4,676 4,048
4,458 3,661
less accumulated amortisation
628
797
Movements in the asset balances during the year were: Opening balance
797 288
639 550
Purchases
Less:
-
- - -
Assets disposed Amortisation charge Impairment loss
35
-
422 628
392 797
Balance at the end of year
51
44
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