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168 AUSTRALIAN SPORTS COMMISSION ANNUAL REPORT 201415 CHAPTER 5 AUSTRALIAN SPORTS FOUNDATION AUSTRALIAN SPORTS FOUNDATION LIMITED NOTES TO AND FORMING PART OF THE FINANCIAL REPORT For the year ended 30 June 2015 1.10 Financial Liabilities Supplier and other payables are recognised at amortised cost. Liabilities are recognised to the extent that the goods or services have been received irrespective of having been invoiced. 1.11 Acquisition of assets Assets are recorded at cost on acquisition. The cost of acquisition includes the fair value of assets transferred in exchange and liabilities undertaken. Financial assets are initially measured at their fair value plus transaction costs where appropriate. Assets acquired at no cost or for nominal consideration are initially recognised as assets and income at their fair value at the date of acquisition. 1.12 Property plant and equipment Asset recognition threshold Purchases of property plant and equipment are recognised at cost in the Statement of Financial Position except for purchases costing less than 2000 which are expensed in the year of acquisition other than where they form part of a group of similar items which are significant in total or are purchases of computer equipment. The initial cost of an asset includes an estimate of the fair value of dismantling and removing the item and restoring the site on which it is located. Revaluation Following initial recognition at cost property plant and equipment were carried at fair value less subsequent accumulated depreciation and accumulated impairment losses. Valuations were conducted with sufficient frequency to ensure that the carrying amounts of assets did not differ materially from the assets fair values at reporting date. The regularity of independent valuations depended upon the volatility of movements in the market values for the relevant assets. Depreciation Depreciable property plant and equipment assets are written-off to their estimated residual values over their estimated useful lives to the Foundation using in all cases the straight-line method of depreciation.