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AGENCY FOR VOLUNTEER SERVICE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020 Summary of significant accounting policies (Continued) Impairment of non-financial assets Property, plant and equipment and intangible assets are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired. For the purpose of impairment testing of assets, recoverable amount (i.e. the higher of the fair val

2. 2.5 loss. 2.6

the item will flow to the Agency and the cost of the item can be measured reliably. The carrying
asset, as appropriate, only when it is probable that future economic benefits associated with
amount of the replaced part is derecognised. All other repairs and maintenance are charged to
allocate their cost over their software of development
the statement of profit or loss and other comprehensive income during the financial period in
Property, plant and equipment are stated at historical cost less depreciation and impairment
losses. Historical cost includes expenditure that is directly attributable to the acquisition of the
Subsequent costs are included in the asset’s carrying amount or recognised as a separate

Depreciation is calculated using the straight-line method to
acquisition and

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r
a
e 5 years 3 years
y the
The asset’s residual values and useful lives are reviewed and adjusted if appropriate, at the end of each reporting period. The asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount (note 2.5). Gains and losses on disposals are determined by comparing the proceeds with the carrying amount. These are i
3 represent with the policy for amortisation of intangible assets with finite lives as set out above. 20
AGENCY FOR VOLUNTEER SERVICE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020 Summary of significant accounting policies (Continued) Property, plant and equipment which they are incurred. estimated useful lives as follows: s r e t u p m o C Furniture and equipment Leasehold improvements comprehensive income. Intangible assets Agency the of assets estimated useful life is finite) and impairment losses. str

2. 2.3 items. - - - 2.4 Intangible