Page 45 - GTBANK GAMNBIA 2021 ANNUAL REPORT

embodied within the part will flow to the Bank and its cost Depreciation is recognized in the income statement on a
can be measured reliably. The carrying amount of the straight-line basis to write down the cost of each asset, to
replaced part is derecognized. The costs of the day-to- their residual values over the estimated useful lives of
day servicing of property and equipment are recognized each part of an item of property and equipment.
in the income statement as incurred. Depreciation begins when an asset is available for use
and ceases at the earlier of the date that the asset is
(iii) Depreciation derecognized or classified as held for sale in accordance
with IFRS 5. A non-current asset or disposal group is not

depreciated while it is classified as held for sale.
(iv) Right-of-use assets are depreciated on a straight-line basis over the lease term.

The estimated useful lives for the current and comparative years are as follows:

Item of Property, Plant and Estimated Useful Life
Equipment

Leasehold improvements 50 years

Machinery and Equipment 5 years

Buildings 20 years

Land Over the remaining life of the lease

Furniture and Fittings 5 years

Computer hardware 3 years

Motor vehicles 4 years

Capital work in progress is not depreciated. Upon completion it is transferred to the relevant asset category. Depreciation
methods, useful lives and residual values are reassessed at each reporting date.

(v) Derecognition

Annual Report 2021

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