Reserve Bank of Australia Annual Report – 1982 Financial Statements Bank Premises and Other Durable Assets

Note 5 Bank premises and other durable assets

Premises

These are included at cost less amounts written off with the approval of the Treasurer in terms of Section 78 of the Reserve Bank Act 1959. In 1981/82, $2,657,000 was written off, compared with $1,761,000 in 1980/81.

Other durable assets

Accounting for durable assets was changed during the year. Previously the cost of most durable assets other than land and buildings was written off to profit and loss in the year of purchase; cost of the others was included in “Other assets”. From 1 July 1981 new acquisitions have been taken to asset accounts and depreciation provided in the accounts. Such assets are now shown at cost less depreciation, which is calculated at rates appropriate to estimated useful life. The asset figures for 1981 shown opposite these items have been suitably adjusted.