Page 154 - WCPP Annual Report 2021-22_Draft #7.6.2
P. 154
Annual Report for the 2021/22 Financial Year
Vote 2: Western Cape Provincial Parliament
Part E: Financial Information for the year ended 31 March 2022
Accounting Policies
1.5 Heritage assets (continued)
Derecognition
The legislature derecognises heritage asset on disposal, or when no future economic benefits or service potential are expected
from its use or disposal.
The gain or loss arising from the derecognition of a heritage asset is determined as the difference between the net disposal
proceeds, if any, and the carrying amount of the heritage asset. Such a difference is recognised in surplus or deficit when the
heritage asset is derecognised.
Annual Report for 2021/22 Financial Year Page 139
