Non-current assets held at deemed cost

  1. Prior to 1/1/2005, all classes of assets were revalued periodically in accordance with AASB.
  2. With the transition to new international standards - AEIFRS - and changes to the FMOs - ANU has reverted to deemed cost for plant, equipment & motor vehicles as at 1/1/2005.
  3. Artworks, land and buildings will continue to be revalued every three years.
  4. Business units primarily only deal with plant, equipment, motor vehicles and artworks.
  5. Plant and equipment assets were previously held at revaluation and have been 're-valued' to deemed cost as at 1/1/05. That is the nett book value of each revalued asset (RV) as at 31/12/04 has become its deemed cost as at 1/1/05. For example: A motor vehicle held at revaluation of $15,000 as at 31/12/04, with accumulated depreciation of $5,000 had a net book value of $10,000 with remaining life of 4 years. As at 1/1/05, its deemed cost became $10,000 and will be depreciated for 4 Years.