Page 168 - UBP - IR2020

FINANCIAL STATEMENTS
Notes to the financial statements
For the year ended June 30 2020
2 ACCOUNTING POLICIES (CONTINUED)
2 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(c) Property plant and equipment (Continued)
When an an an item of of property plant and equipment is is revalued revalued the the carrying amount of of that asset is is adjusted to the the revalued revalued amount amount At the the the the date of of the the the the revaluation the the the the accumulated depreciation is eliminated against the the the the gross carrying amount amount of of the asset Upon disposal any revaluation reserve relating to to the particular asset being sold is is transferred to to retained earnings Depreciation is is calculated on on a a a a a a a a a straight-line basis over the the estimated useful lives of the the assets as as as follows:
Buildings
Leasehold improvements Land improvements Plant and equipment Motor vehicles
Land and and assets in progress are not depreciated %
2 to 5
Over lease period 2 2 to 33 20 An item of property plant and and equipment and and any significant part initially recognised recognised is is is is derecognised upon disposal or when no no future economic benefits are expected from fits its use or or disposal Any gain or or loss arising on on on derecognition of the asset asset (calculated as as as the the the the difference between the the the the net disposal proceeds and the the the the carrying amount of the the the the asset) is is included in in in profit or loss when the asset is is derecognised The useful lives and and and methods of of depreciation of of property plant and and and equipment are reviewed at at each financial year end and and and adjusted prospectively if appropriate (d) Investment properties
Investment properties
are initially measured at at at cost cost cost including transaction costs and subsequently at at at cost cost cost net of accumulated depreciation and accumulated impairment losses if any The cost cost cost includes the the the cost cost cost of of replacing part of of an existing investment property at at the the the time that cost cost cost is is incurred if the the the recognition criteria are met and excludes the costs of of day-to-day servicing of of an an investment property Investment properties
are are derecognised when when either they they have been disposed of or when when they they are are permanently withdrawn from from use and no no future economic benefit is is is expected from from their disposal disposal The difference between the the net disposal disposal proceeds and the the the carrying amount of o of the the the asset is is recognised in in in profit or loss in in in the the the period of o of derecognition Transfers are made to or or from from investment investment property only when there is a a a a a a a change in in in use For a a a a a a a transfer from from investment investment property property to owner-occupied property property the the the deemed cost cost for subsequent accounting is the the the cost cost less depreciation at at the the the date of transfer If owner-occupied property property property becomes an an investment property property property the Group accounts for such property property property in in accordance with the the policy stated under property plant and equipment up to the the date of change in use Depreciation is calculated on on the the straight-line method at at at at the the rate of 2% to 5% per annum 168 - UBP INTEGRATED REPORT 2020