§ Mr. Maclean
To ask the Minister of Agriculture, Fisheries and Food if he will list the methods of depreciation his Department will apply in the current financial year to fixed assets in the preparation of departmental resource accounting balance sheets. 
§ Mr. Morley
The Ministry applies depreciation to its fixed assets on a straight line basis, over the useful economic life of each asset. Depreciation is charged in the month of disposal but not in the month of purchase.
Depreciation is not charged on freehold land, investment properties, assets declared surplus and for sale and assets under the course of construction.
Fixed asset lives are normally in the following ranges:
Fixed assets Years Freehold Buildings 5 to 60 Plant, Office, Scientific, IT equipment 3 to 15 Fixtures and fittings 5 to 10 Vehicles 4 to 15 Vessels 20
Assets are revalued annually and depreciation is adjusted accordingly.
Property assets are subject to a full valuation review every five years and the values and lives are adjusted accordingly.496W
The above depreciation method is in accordance with the Treasury's Resource Accounting Manual and the requirements in the manual regarding those methods will be underpinned by Financial Reporting Standard 15 'Tangible Fixed Assets', issued by the Accounting Standards Board.