Page 54 - QFCRA Annual Report 2014
P. 54
es to the Financial
Statements
FOR THE YEAR ENDED 31 DECEMBER 2014
intangible assets to calculate adjusted where the management no longer probable. For individually
depreciation and amortization. believes the useful lives differ from significant amounts, this estimation
This estimate is determined after previous estimates. is performed on an individual basis.
considering the expected usage Impairment of accounts receivable Amounts which are not individually
of the asset or physical wear and An estimate of the collectible amount significant, but which are past due,
tear. Management reviews the of accounts receivable is made are assessed collectively and a
residual value and useful lives when collection of the full amount is provision applied according to the
annually. Future depreciation and length of time past due, based on
amortization charge would be historical recovery rates.
4. SIGNIFICANT ACCOUNTING POLICIES
The accounting policies and (except for the eXtensible Business measured at cost less accumulated
methods of computation adopted Reporting Language (XBRL) depreciation and accumulated
in the preparation of the financial software as mentioned in following impairment losses, if any.
statements are consistent with paragraph), commencing when Cost includes expenditure that
those of the previous financial year the asset is available for its intended is directly attributable to the
except for as described in note 4.13. use. This expense is reported as acquisition of the asset.
4.1 Intangible assets an administration expense in the Gains and losses on disposal of an
statement of activities. item of furniture and equipment
are determined by comparing
Intangible assets include cost of During the year, the QFC Regulatory the proceeds from disposal with
software developed in-house. Costs Authority capitalised “eXtensible the carrying amount and are
associated with the development Business Reporting Language” recognised net in the statement of
of software for internal use are software, carried at cost less activities.
capitalised only if the design of accumulated amortisation. It is Subsequent costs
the software is technically feasible, being amortised on straight line Expenditure incurred to replace a
and the QFC Regulatory Authority basis over a period of five years component of an item of furniture
has both the resources and intent commencing when the asset is and equipment that is accounted
to complete its development and available for its intended use. for separately is capitalised and the
ability to use it upon completion. In This expense is reported as an carrying amount of the component
addition, costs are only capitalised administration expense in the that is replaced is written off.
if the asset can be separately statement of activities. Other subsequent expenditure is
identified, it is probable that the Subsequent expenditure is only capitalised only when it increases
asset will generate future economic capitalised when it increases the future economic benefits of the
benefits, and that the development future economic benefits embodied related item of furniture and
cost of the asset can be measured in the specific asset to which it equipment. All other expenditure
reliably. relates. Where no intangible asset is recognised in the statement of
Only costs that are directly can be recognised, development activities as the expense is incurred.
attributable to bringing the expenditure is charged to the Depreciation
asset to working condition for its statement of activities when Depreciation is calculated over the
intended use are included in its incurred. depreciable amount, which is the
measurement. These costs include Expenditure on research or on cost of an asset or other amount
all directly attributable costs the research phase of an internal substituted for cost, less its residual
necessary to create, produce and project are recognised as an value. Depreciation is recognised
prepare the asset to be capable of expense in the period in which it is in the statement of activities on a
operating in a manner intended by incurred. straight-line basis over the estimated
management. useful lives of each part of an
item of furniture and equipment,
Intangible assets are carried at 4.2 Furniture and Equipment
cost less accumulated amortisation Recognition and measurement
and impairment losses. Those Items of furniture and equipment are
are amortised on a straight line
basis over a period of three years
54 ANNUAL REPORT 2014
Statements
FOR THE YEAR ENDED 31 DECEMBER 2014
intangible assets to calculate adjusted where the management no longer probable. For individually
depreciation and amortization. believes the useful lives differ from significant amounts, this estimation
This estimate is determined after previous estimates. is performed on an individual basis.
considering the expected usage Impairment of accounts receivable Amounts which are not individually
of the asset or physical wear and An estimate of the collectible amount significant, but which are past due,
tear. Management reviews the of accounts receivable is made are assessed collectively and a
residual value and useful lives when collection of the full amount is provision applied according to the
annually. Future depreciation and length of time past due, based on
amortization charge would be historical recovery rates.
4. SIGNIFICANT ACCOUNTING POLICIES
The accounting policies and (except for the eXtensible Business measured at cost less accumulated
methods of computation adopted Reporting Language (XBRL) depreciation and accumulated
in the preparation of the financial software as mentioned in following impairment losses, if any.
statements are consistent with paragraph), commencing when Cost includes expenditure that
those of the previous financial year the asset is available for its intended is directly attributable to the
except for as described in note 4.13. use. This expense is reported as acquisition of the asset.
4.1 Intangible assets an administration expense in the Gains and losses on disposal of an
statement of activities. item of furniture and equipment
are determined by comparing
Intangible assets include cost of During the year, the QFC Regulatory the proceeds from disposal with
software developed in-house. Costs Authority capitalised “eXtensible the carrying amount and are
associated with the development Business Reporting Language” recognised net in the statement of
of software for internal use are software, carried at cost less activities.
capitalised only if the design of accumulated amortisation. It is Subsequent costs
the software is technically feasible, being amortised on straight line Expenditure incurred to replace a
and the QFC Regulatory Authority basis over a period of five years component of an item of furniture
has both the resources and intent commencing when the asset is and equipment that is accounted
to complete its development and available for its intended use. for separately is capitalised and the
ability to use it upon completion. In This expense is reported as an carrying amount of the component
addition, costs are only capitalised administration expense in the that is replaced is written off.
if the asset can be separately statement of activities. Other subsequent expenditure is
identified, it is probable that the Subsequent expenditure is only capitalised only when it increases
asset will generate future economic capitalised when it increases the future economic benefits of the
benefits, and that the development future economic benefits embodied related item of furniture and
cost of the asset can be measured in the specific asset to which it equipment. All other expenditure
reliably. relates. Where no intangible asset is recognised in the statement of
Only costs that are directly can be recognised, development activities as the expense is incurred.
attributable to bringing the expenditure is charged to the Depreciation
asset to working condition for its statement of activities when Depreciation is calculated over the
intended use are included in its incurred. depreciable amount, which is the
measurement. These costs include Expenditure on research or on cost of an asset or other amount
all directly attributable costs the research phase of an internal substituted for cost, less its residual
necessary to create, produce and project are recognised as an value. Depreciation is recognised
prepare the asset to be capable of expense in the period in which it is in the statement of activities on a
operating in a manner intended by incurred. straight-line basis over the estimated
management. useful lives of each part of an
item of furniture and equipment,
Intangible assets are carried at 4.2 Furniture and Equipment
cost less accumulated amortisation Recognition and measurement
and impairment losses. Those Items of furniture and equipment are
are amortised on a straight line
basis over a period of three years
54 ANNUAL REPORT 2014
