Page 76 - BWA 2021 ANNUAL REPORT

WESTERN AUSTRALIAN BASKETBALL FEDERATION INC.
Notes to the financial statements
for the year ended 31 December 2021
Note 5 Non-financial assets and financial liabilities (cont.) 5.2 Property, plant, and equipment
Office furniture and equipment – at cost Accumulated depreciation
Motor vehicles – at cost Accumulated amortisation
Total plant and equipment
5.2.1 Movements in Carrying Amounts Carrying amount at 1 January 2019
Additions
Disposals / write-offs Depreciation expense
Carrying amount at 31 December 2020
Carrying amount at 1 January 2021
Additions
Disposals / write-offs Depreciation expense
Carrying amount at 31 December 2021
5
397,176 (292,250)
104,926
92,515 (69,330)
23,185 128,111
149,000 40,033
(2,159) (58,763)
128,111
2021 $
2020 $
488,659 (353,722)
134,937
92,515 (75,138)
17,377
152,314
Office furniture
Motor
Total $
and equipment vehicles $$
118,075 40,033
(2,159) (51,023)
104,926
30,925 - -
(7,740) 23,185
---
---
104,926 23,185
128,111 91,483 -
(67,280)
91,483
-
- (5,808)
- (61,472)
134,937 17,377
152,314
5.2.2 Accounting policy
a. Recognition and measurement
Each class of property, plant and equipment is carried at cost less, where applicable, any accumulated depreciation and
impairment losses. Assets with a cost of less than $1,000 are expensed in full in the year of purchase.
b. Subsequent costs
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Association and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred.
c. Depreciation
The depreciation amount of all fixed assets including building and capitalised lease assets, and excluding motor vehicles, is depreciated in a straight-line basis over their lives to the commencing from the time the asset is held ready for use.
2021 2020 %%
◼ Leasehold Improvements Refer note 5.3 Refer note 5.3
◼ Motor vehicles 25 25
◼ Office furniture and equipment 33.3 33.3
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