1.1 Assets will be depreciated
on a four weekly basis over their anticipated useful lives.
Exceptions to this are land and artworks, which will not be
depreciated, and the library collection, for which depreciation
will be calculated on an annual basis.
1.2 Depreciation for the library collection
will be calculated manually by the Director, Financial Services,
or nominee. All other depreciation calculations will be performed
using the depreciation calculation feature of the University’s
Finance System.
1.3 Depreciation at varying rates will be
calculated on a straight line basis and charged into the University’s
accounts at the end of each four week period.* The following
annual depreciation rates will apply:
Annual Depreciation Rates
| Item |
Percentage |
| Building and Infrastructure |
2.50 |
| Motor Vehicles |
20.00 |
| Furniture |
10.00 |
| General equipment |
16.67 |
| Computer hardware |
33.33 |
| Computer software |
20.00 |
| Marine |
10.00 |
| Aircraft |
10.00 |
| Library collection (excluding electronic subscriptions) |
10.00 |
*Note that this requires 13 periods in a
financial year, which needs to be taken into consideration
for impact on any quarterly or year-to-date reporting.
1.4 Depreciation rates will be reviewed
on an annual basis to ensure that they remain appropriate.
1.5 Depreciation costs for buildings will
be recorded in central Uniwide accounts. Depreciation costs
for the remaining categories will be recorded in the relevant
cost centre accounts, using source 000.
1.6 In the case of commercial undertakings
(e.g. Flinders Press, Flinders Housing), charges will be allocated
direct to cost centres to facilitate the production of trading
statements.
|
