Depreciation of Fixed Assets Clause Samples
The Depreciation of Fixed Assets clause outlines how the value of long-term tangible assets, such as machinery, vehicles, or buildings, will be systematically reduced over time to reflect wear and tear or obsolescence. This clause typically specifies the depreciation method to be used (such as straight-line or declining balance), the useful life of each asset category, and the schedule for recording depreciation expenses. By establishing clear rules for asset depreciation, the clause ensures consistent financial reporting and helps allocate the cost of assets over their productive lifespan, thereby providing transparency and preventing disputes over asset valuation.
Depreciation of Fixed Assets. The rates of depreciation and amortisation shown in the audited accounts of the Target for the 3 financial years ended on the Last Accounts Date were sufficient to ensure that each fixed asset of the Target will be written down to nil by the end of its useful life.
Depreciation of Fixed Assets. Fixed assets are recorded at acquisition cost and are depreciated using the straight-line method at rates considered adequate to write off the cost of the assets over their estimated useful lives as follows: Furniture 5 years Office equipment 5 years Leasehold Improvements 5 years Computer Equipment 3 years Real Property 20 years
Depreciation of Fixed Assets. 1.4.1 In the Principal Accounts and in the accounts of each Group Company for the three preceding financial years, the fixed assets of each Group Company have been depreciated in accordance with SSAP 12.
Depreciation of Fixed Assets. Fixed assets are recorded at acquisition cost and are depreciated using the straight-line method at rates considered adequate to write off the cost of the assets over their estimated useful lives as follows: Furniture 5 years Office equipment 5 years Leasehold Improvements 5 years Computer Equipment 3 years Real Property 20 years 6) Foreign Currency Transactions Transactions in currencies other than the Cayman Islands dollar are converted at exchange rates ruling at the date of the transactions. Also, assets and liabilities denominated in foreign currencies are translated at the rate of exchange prevailing at the balance sheet date. Resulting gains and losses on exchange are recognized in the Statement of Income and Expenses at the end of the period. Outputs Funded by Cabinet 577,872 577,875 Operations 1 3,713,938 2,030,000 Personnel 1,033,225 915,000 Accommodation Costs 136,500 155,000 Office Expenses 93,300 60,000 Directors Fees 16,200 7,500 Computer Maintenance and Licensing Fees 25,500 42,500 Marketing, Advertising and Promotions 37,350 27,250 Depreciation and Amortization 76,680 60,000 Professional Fees/Consultancy 51,500 75,000 Provision for Loan Losses 333,673 250,000 Insurances 22,150 25,000 Other Operating Expenses 1,800 25,000 Loss on Foreign Exchange Conversion 47,185 37,500 Interest Expense 2,104,535 875,000 Total Operating Expenses 3,979,598 2,554,750 Net Income from Operations 312,212 53,125 - - Total Other Revenue - - THE CAYMAN ISLANDS DEVELOPMENT BANK STATEMENT OF CHANGES IN NET WORTH FOR THE YEAR ENDING 30 JUNE 2008 NOTE 2007/8 Budget $ 2006/7 Forecast $ Opening Balance Net Worth 7,195,991 5,753,893 Net Income for Year 312,212 53,125 Transfer to Reserve Fund - - Total Recognized Revenues and Expenses 312,212 5,807,018 Reserve for Sinking Fund 1,382,318 Reserve Fund - 6,655 Closing Balance Net Worth 7,508,203 7,195,991 Cash and Cash Equivalents 2 974,884 757,000 Deposit Accounts 3,583,647 9,793,970 Loans and Deposit Interest Receivable 1,607,364 772,842 Loans Receivable 31,798,031 26,700,000 Office Building 640,000 640,000 Fixed Assets 4 236,626 313,306 Accounts and Other Payables 74,272 175,250 Current Portion of Long -Term Debt 388,000 388,000 Loans from CDB 5 3,740,477 4,098,277 Loan from Other External Agencies 6 650,000 650,000 Note Payable - Bonds #1 9,969,600 9,969,600 Notes Payable - Bonds #2 6 16,500,000 16,500,000 Equity Capital 7 3,289,185 3,289,185 Reserve Fund 8 112,442 50,000 Reserve for Sinking Fund 1,392,318 1,382,318 Retai...
Depreciation of Fixed Assets. 1.3.1 In the Accounts and in the accounts of the Company for the three preceding financial years, the fixed assets of the Company have been depreciated in accordance with SSAP 12.
Depreciation of Fixed Assets. The fixed assets have been depreciated in accordance with the accounting policies of each member of the Group Company.
Depreciation of Fixed Assets. Fixed assets are recorded at acquisition cost and are depreciated using the straight-line method at rates considered adequate to write off the cost of the assets over their estimated useful lives as follows: Foreign Currency Transactions: Transactions in currencies other than the Cayman Islands dollar are converted at exchange rates ruling at the date of the transactions. Also, assets and liabilities denominated in foreign currencies are translated at the rate of exchange prevailing at the balance sheet date. Resulting gains and losses on exchange are recognized in the Statement of Income and Expenses at the end of the period. Outputs Funded by Cabinet 577,875 577,875 Operations 3,068,202 2,779,750 Personnel 1,067,745 1,213,633 Accommodation Costs 146,820 144,224 Office Expenses 32,478 34,500 Directors Fees 9,700 14,000 Computer Maintenance and Licensing Fees 58,800 54,000 Marketing, Advertising and Promotions 8,400 2,800 Depreciation and Amortization 56,292 108,000 Professional Fees/Consultancy 148,280 88,916 Provision for Loan Losses 499,992 250,000 Loss on Foreign Exchange Conversion 2,000 2,000 Interest Expense 1,178,795 1,092,551 Opening Balance Retained Earnings 2,555,803 2,273,402 Net Income (Loss) for Year 436,775 353,001 Transfer to Reserves (87,355) (70,600) Closing Balance Retained Earnings 2,905,223 2,555,803 Opening Balance Reserves 132,057 61,457 Transfer from Operations 87,355 70,600 Closing Balance Reserves 219,412 132,057 Opening Balance Share Capital 3,289,185 3,289,185 Movement in Share Capital - - Closing Balance Share Capital 3,289,185 3,289,185 Current Assets $ $ Cash and Cash Equivalents 2 1,590,862 1,031,035 Deposit Accounts 2,520,000 2,400,000 Prepayments 25,003 82,580 Loans, Deposit Interest and Other Receivable 625,606 567,368 Loans Receivable 3 41,773,858 39,561,929 Fixed Assets 4 579,766 636,058 TOTAL ASSETS 47,115,095 44,278,970 Current Liabilities Bank Overdraft 2 750,000 - Accounts Payable and Accruals 648,259 671,448 Due to Related Parties - - Current Portion of Long -Term Debt 343,531 375,496 Total Current Liabilities 1,741,790 1,046,944 Long -Term Liabilities Post Retirement Benefit Pension Obligations 16,000 13,000 Loans from CDB 5 2,554,445 2,929,941 Note Payable - Bonds 6 36,389,040 34,312,040 Total Liabilities 40,701,275 38,301,925 Equity Capital 7 3,289,185 3,289,185 Reserve Fund 8 219,412 132,057 Retained Earnings 2,905,223 2,555,803 TOTAL LIABILITIES AND EQUITY 47,115,095 44,278,970 Net Income (loss) for the Year 3...
Depreciation of Fixed Assets. Amortization of intangible assets . . . .
Depreciation of Fixed Assets. In the Last Accounts and in the accounts of WCL for the three preceding financial years, fixed assets have been depreciated in accordance with SSAP 12.
Depreciation of Fixed Assets. 2.5.1 In the Audited Accounts, the fixed assets have been depreciated in accordance with the Accounting Policies.
2.5.2 In the Management Accounts, the fixed assets have been depreciated in accordance with the Accounting Policies.