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 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. THE CAYMAN ISLANDS DEVELOPMENT BANK FORECAST OPERATING STATEMENT FOR THE YEAR ENDING 30 JUNE 2009 NOTE 2008/9 Budget $ 2007/8 Forecast $ Revenue Outputs Funded by Cabinet 577,875 577,875 Operations 1 3,602,069 3,490,574 Total Operating Revenue 4,179,944 4,068,449 Operating Expenses Personnel 974,615 1,194,692 Accommodation Costs 122,070 120,507 Office Expenses 150,765 154,931 Directors Fees 16,200 16,200 Computer Maintenance and Licensing Fees 42,171 42,171 Marketing, Advertising and Promotions 31,650 31,650 Depreciation and Amortization 125,250 76,680 Professional Fees/Consultancy 104,500 104,500 Provision for Loan Losses 138,000 138,000 Insurance 21,150 21,150 Other Operating Expenses 17,756 16,910 Loss on Foreign Exchange Conversion 20,000 47,085 Interest Expense 2,065,756 2,108,159 Total Operating Expenses 3,829,883 4,072,635 Net Income from Operations 350,061 (4,186) - - Total Other Revenue - - Surplus/Deficit from Ordinary Activities 350,061 (4,186) FORECAST STATEMENT OF CHANGES IN NET WORTH FOR THE YEAR ENDING 30 JUNE 2009 2008/9 2007/8 Budget Forecast NOTE $ $ Opening Balance Net Worth 7,201,805 7,205,991 Net Income for Year 350,061 (4,186) Transfer to Reserve Fund - - Total Recognized Revenues and Expenses 7,551,866 7,201,805 Reserve for Sinking Fund - - Reserve Fund - - Closing Balance Net Worth 7,551,866 7,201,805 THE CAYMAN ISLANDS DEVELOPMENT BANK FORECAST BALANCE SHEET AS AT 30 JUNE 2009 2008/9 2007/8 Budget Forecast NOTE $ $ Current Assets Cash and Cash Equivalents 2 200,000 868,360 Deposit Accounts 800,000 8,025,528 Loans and Deposit Interest Receivable 862,679 712,244 Total Current Assets 1,862,679 9,606,132 Loans Receivable 3 36,649,395 28,257,566 Office Building 650,750 685,000 Fixed Assets 4...
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 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. 1.3.1 In the Principal Accounts 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. 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. The fixed assets have been depreciated in accordance with the accounting policies of each member of the Group Company.
Depreciation of Fixed Assets. 2.5.1 In the Audited Accounts, the fixed assets have been depreciated in accordance with the Accounting Policies.
Depreciation of Fixed Assets. Party B has made provisions or reserves for the depreciation of fixed assets in accordance with PRC Accounting System for Enterprises.
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. In the Last Accounts and in the accounts of WCEH for the three preceding financial years, fixed assets have been depreciated in accordance with Dutch GAAP.
