Triathlon New Zealand Annual Report 2025 - Flipbook - Page 40
Statement of Accounting Policies
1.5 Property Plant & Equipment
Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost
includes expenditure that is directly attributable to the acquisition of the asset. Where an asset is acquired through a
non-exchange transaction, its cost is measured at its fair value as at the date of acquisition.
Depreciation is charged on a diminishing value or straight line basis over the useful life of the asset. Depreciation is charged at
rates calculated to allocate the cost or valuation of the asset over its remaining useful life:
- Motor vehicles - diminishing value - 26% - 30%
- Office & Sundry equipment - straight line / diminishing value - 5 year effective life, 10% - 67%
- Computer equipment - straight line / diminishing value - 40% - 67%
- Other Fixed assets - straight line / diminishing value - 2-5 year effective life, 30% - 40%
Depreciation methods, useful lives and residual values are reviewed at each reporting date and are adjusted if there is a change
in the expected pattern of consumption of the future economic benefits or service potential embodied in the asset.
1.6 Intangible Assets
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a
non-exchange transaction is their fair value at the date of the exchange. The cost of intangible assets acquired in a business
combination is their fair value at the date of acquisition.
Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated
impairment losses. Internally generated intangibles, excluding capitalised development costs, are not capitalised and the
related expenditure is reflected in surplus or deficit in the period in which the expenditure is incurred.
The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortised
over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be
impaired.
The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at the
end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic
benefits or service potential embodied in the asset are considered to modify the amortisation period or method, as appropriate,
and are treated as changes in accounting estimates.
The amortisation expense on intangible assets with finite lives is recognised in surplus or deficit as the expense category that is
consistent with the function of the intangible assets.
Triathlon New Zealand Incorporated does not hold any intangible assets that have an indefinite life.
The amortisation periods for assets are as follows:
- Trademarks straight line over 20 years
- Website - straight line / diminishing value - 7 year effective life, 50%
1.7 Income Tax
Triathlon New Zealand Incorporated is wholly exempt from New Zealand income tax having fully complied with all statutory
conditions for these exemptions.
The organisation's aims and activities are to promote Triathlon throughout New Zealand. None of the organisation's income or
funds are used (or is available for use) to benefit any of its members, trustees or associates.
1.8 Goods and Services Tax
All amounts are recorded on a GST exclusive basis, except for Debtors and Creditors which are stated inclusive of GST.
Performance Report
Triathlon New Zealand Incorporated
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