Fixed Assets. Schedule 3.10 attached hereto sets forth a true, ------------ ------------- correct and complete list of all equipment, furniture, fixtures and other assets of the Company included within the category of capital or fixed assets on the Current Balance Sheet (the "Fixed Assets") as of the date hereof. All of the Fixed Assets are in good operating condition and repair, normal wear and tear excepted, are currently used by the Company in the ordinary course of business and in the production of products of the Company, and normal maintenance has been consistently performed with respect to such Fixed Assets.
Fixed Assets. SCHEDULE 5.18 contains a true and complete list of all of each Company's fixed assets with a net book value of greater than $1,000.00, whether owned or leased. Except as shown on SCHEDULE 5.18, each Company has good and marketable title to all of its fixed assets, free and clear of all claims, liens, mortgages, charges and encumbrances except as disclosed in the Balance Sheet. All of each Company's fixed assets, whether owned or leased, are adequate and usable for the purposes for which they are currently used, are in good operating condition and repair and have been properly maintained.
Fixed Assets. Lands and buildings are mainly represented in head office, branches and offices premises. All fixed assets are disclosed at historical cost less accumulated depreciation and impairment losses. The historical cost includes expenditures that are directly attributable to the acquisitions of the fixed assets' items.Subsequent costs are included in the assets carrying amount or recognized separately, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Bank and the cost of the item can be measured reliably. Repairs and maintenance expenses are recognized in profit or loss within "other operating costs" line item during the financial period in which they are incurred.Land is not depreciated. Depreciation of other fixed assets is calculated using the straight-line method to allocate their cost to their residual values over their estimated useful lives, as follows: Premises and constructions 40 yearsFixtures and air conditions 5 yearsSafes 50 yearsCopiers and fax 8 yearsVehicles and means of transportation 5 yearsElectric appliances 10 yearsMobile phones 3 yearsComputers and computers’ software 3 yearsFurniture 10 yearsThe residual value and useful lives of the fixed assets are reviewed on the each balance sheet date and they are adjusted whenever it is necessary. Depreciated assets are reviewed for purposes of determining extent of impairment when an event or change in conditions occurs suggesting that the book value may not be recovered. Consequently, the book value of the asset is reduced immediately to the asset's net realizable value in case increasing the book value over the net realizable value.The net realizable value represents the net selling value of the asset or its utilization value whichever is greater. Gains and losses from the disposal of fixed assets are determined by comparing the net proceeds at book value. Gains (losses) are included within other operating income (expenses) in the income statement.
Fixed Assets. There shall have been no material alteration in or material adjustment to the Fixed Assets. For purposes of this subsection (h), it will not be considered to be a material alteration or material adjustment to the Fixed Assets if (i) there is damage or destruction to the Fixed Assets as contemplated by Section 2.01(f) herein and SELLER complies with said Section 2.01(f), (ii) SELLER makes additions to the Fixed Assets with the prior written consent of BUYER or (iii) SELLER makes additions to the Fixed Assets without BUYER's consent in order to correct emergency situations which are threatening to impair SELLER's operations at an Office.
Fixed Assets. Tangible Assets Fixed assets are stated at cost, less accumulated depreciation and impairment losses if any. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use. Borrowing costs relating to acquisition of fixed assets which takes substantial period of time to get ready for its intended use are also included to the extent they relate to the period till such assets are ready to be put to use. Capital work in progress includes expenditure incurred till the assets are put into intended use. Intangible Assets Intangible Assets are stated at cost of acquisition net of recoverable taxes less accumulated amortization/depletion and impairment loss, if any. The cost comprises purchase price, borrowing costs, and any cost directly attributable to bringing the asset to its working condition for the intended use and net chargeson foreign exchange contracts and adjustments arising from exchange rate variations attributable to the intangible assets.
Fixed Assets. The regulatory basis of accounting prescribed by the Oklahoma State Board of Education requires the presentation of fixed assets. The District has not maintained a record of its fixed assets, and, accordingly, a statement of fixed assets required by generally accepted accounting principles prior to the issuance of GASB No. 34, is not included in the financial statements. Fixed assets purchased are recorded as expenditures in the various funds at the time of purchase.
Fixed Assets. Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost represents purchase price and other direct attributable costs of bringing the asset to its working condition for its intended use. Depreciation of leasehold improvements is calculated to write off their cost less accumulated impairment losses on a straight-line basis over their unexpired periods of the leases or three years whichever is shorter. Depreciation of other fixed assets is calculated to write off their cost less accumulated impairment losses on a straight-line basis over their expected useful lives to the Group. The principal annual rates used for this purpose are: Office furniture and equipment 20-50%Computer equipment and software 25-60% Major costs incurred in restoring fixed assets to their normal working condition are charged to the profit and loss account. Improvements to fixed assets are recognised and depreciated over their expected useful lives to the Group. At each balance sheet date, both internal and external sources of information are considered to assess whether there is any indication that assets are impaired. If any such indication exists, the recoverable amount of the asset is estimated and where relevant, an impairment loss is recognised to reduce the asset to its recoverable amount. Such impairment losses are recognised in the profit and loss account. The gain or loss on disposal of a fixed asset is the difference between the net sales proceeds and the carrying amount of the relevant asset, and is recognised in the profit and loss account.