Interfront 2023 Annual Report

International Frontier Technologies SOC Ltd Trading as Interfront Financial Statements for the year ended 31 March 2023 104 INTERFRONT ANNUAL REPORT 2023 Summary of Significant Accounting Policies 1.3 Property, plant and equipment (continued) The useful lives of items of property, plant and equipment have been assessed as follows: Item Depreciation method Average useful life Furniture and fixtures Straight‑line 5–16 years IT equipment Straight‑line 3–13 years Leasehold improvements Straight‑line Over the life of the asset or lease period, whichever is shorter Security equipment Straight‑line 13 years Office equipment leased Straight‑line Over the term of the lease At each reporting date the entity assesses whether there is any indication that the entity expectations about the residual value and the useful life of an asset have changed since the preceding reporting date. If any such indication exists, the entity revises the expected useful life and/or residual value accordingly. The change is accounted for as a change in an accounting estimate. The depreciation charge for each period is recognised in surplus or deficit unless it is included in the carrying amount of another asset. Items of property, plant and equipment are derecognised when the asset is disposed of or when there are no further economic benefits or service potential expected from the use of the asset. The gain or loss arising from the derecognition of an item of property, plant and equipment is included in surplus or deficit when the item is derecognised. The gain or loss arising from the derecognition of an item of property, plant and equipment is determined as the difference between the net disposal proceeds, if any, and the carrying amount of the item. The entity separately discloses expenditure to repair and maintain property, plant and equipment in the notes to the financial statements (see note 7).