Page 95 - BWA Annual Report 2023

WESTERN AUSTRALIAN BASKETBALL FEDERATION (INC.)
Notes to the financial statements
for the year ended 31 December 2023
Note
5 Non-financial assets and financial liabilities (cont.)
5.2 Property, plant, and equipment (cont.)
Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements.
The carrying amount of plant and equipment is reviewed annually to ensure it is not in excess of the recoverable amount from these assets. The recoverable amount is assessed as the lower of the carrying value and the depreciated replacement cost of an asset. The assets’ residual values and useful lives are reviewed and adjusted, if appropriate, at each balance date.
d. Derecognition and disposal
Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses and included in the income statement. When revalued assets are sold, amounts included in the revaluation relating to that asset are transferred to retained earnings.
5.3 Leases
5.3.1 Right of use assets Properties
5.3.2 Lease liabilities
Current Non-current
2023 2022 $$
14,637
26,345
14,637
26,345
6,392 33,957
11,904 18,569
40,349
30,473
5.3.3 There were no additions to the right-of-use assets during the 2023 financial year (2022: $nil).
Interest expense
5.3.5 The total cash outflow for leases for the 2023 financial year was 18,384 (2022: $14,611).
5.3.4 Amounts recognised in the statement of profit or loss
Depreciation charge of right-of-use assets:
Properties
2023 2022 $$
11,708
11,708
11,708
11,708
3,434
3,434
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