Page 76 - Sundance Resources 2014 Annual Report

74 SUNDANCE RESOURCES LIMITED ANNUAL REPORT 2014
NOTE 7. NON-FINANCIAL ASSETS AND LIABILITIES (continued)
Note 7(c) Property, Plant and Equipment
2014
$
2013
$
Cost 15,044,594 14,607,654
Accumulated depreciation (12,128,705) (10,710,648)
2,915,889 3,897,006
Buildings 1,571,905 1,596,778
Plant and equipment 436,201 1,179,008
IT and communications 423,110 591,710
Furniture and fittings 484,673 529,510
2,915,889 3,897,006
Cost Buildings
$
Plant &
Equipment
$
IT &
Communication
$
Furniture &
Fittings $
Total
$
Balance at 30 June 2012 1,846,057 8,005,400 1,317,611 917,058 12,086,128
Effect of movement in exchange rates 338,688 1,427,093 155,941 163,409 2,085,131
Additions 13,889 206,136 198,703 113,146 531,875
Write-offs - (93,352) (2,126) - (95,478)
Balance at 30 June 2013 2,198,634 9,545,277 1,670,130 1,193,613 14,607,654
Effect of movement in exchange rates 84,192 104,336 32,493 78,910 299,931
Additions 28,489 22,297 138,181 39,055 228,022
Write-offs - (73,736) (17,277) - (91,014)
Balance at 30 June 2014 2,311,315 9,598,174 1,823,526 1,311,578 15,044,593
Accumulated depreciation and write-off
Balance at 30 June 2012 (427,378) (5,470,695) (664,076) (382,794) (6,944,943)
Effect of movement in exchange rates (46,420) (1,294,437) (11,469) (126,215) (1,478,541)
Eliminated on asset write-off - 57,170 1,122 - 58,292
Depreciation expense (128,058) (1,658,307) (403,997) (155,094) (2,345,456)
Balance at 30 June 2013 (601,856) (8,366,269) (1,078,420) (664,103) (10,710,648)
Effect of movement in exchange rates 6,020 (129,305) (6,839) 10,245 (119,880)
Eliminated on asset write-off - 73,736 350 - 74,086
Depreciation expense (143,573) (740,135) (315,508) (173,047) (1,372,262)
Balance at 30 June 2014 (739,409) (9,161,973) (1,400,417) (826,905) (12,128,704)
Buildings, plant & equipment, IT & communications and furniture & fittings are stated at cost less accumulated depreciation
and impairment. Construction in progress is stated at cost. Cost includes expenditure that is directly attributable to the
acquisition or construction of the item. In the event that settlement of all or part of the purchase consideration is deferred,
cost is determined by discounting the amounts payable in the future to their present value as at the date of acquisition.
NOTES TO THE
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2014