Department of Corporate and Information Services annual report 2016-17
Northern Territory. Department of Corporate and Information Services
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Northern Territory. Department of Corporate and Information Services -- Periodical
Northern Territory Government
Department of Corporate and Information Services annual report; Annual report
Attribution International 4.0 (CC BY 4.0)
Northern Territory Government
Annual Report 2016-17 | Department of Corporate and Information Services132 D EPARTM EN T O F CO R PO RATE AN D IN FO R M ATIO N SERVICES - FIN AN CIAL R EPO RT There were no transfers between Level 1 and Levels 2 or 3 during 2016-17. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurement of a non-financial asset takes into account a market participants ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The highest and best use takes into account the use of the asset that is physically possible, legally permissible and financially feasible. When measuring fair value, the valuation techniques used maximise the use of relevant observable inputs and minimise the use of unobservable inputs. Unobservable inputs are used to the extent that sufficient relevant and reliable observable inputs are not available for similar assets/liabilities. Observable inputs are publicly available data that are relevant to the characteristics of the assets/liabilities being valued. Observable inputs used by DCIS include, but are not limited to, published sales data for land and general officebuildings. Unobservable inputs are data, assumptions and judgments that are not available publicly, but are relevant to the characteristics of the assets/liabilities being valued. Such inputs include internal DCIS adjustments to observable data to take account of particular and potentially unique characteristics/functionality of assets/liabilities and assessments of physical condition and remaining useful life. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the following fair value hierarchy based on the inputs used: Level 1 inputs are quoted prices in active markets for identical assets or liabilities Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly Level 3 inputs are unobservable. b) VALUATION TECHNIQUES AND INPUTS Valuation techniques used to measure fair value in 2016-17 are: Level 3 Techniques Asset Classes Plant and Equipment, Computer Hardware, Computer Software (Note 9) Cost approach There were no changes in valuation techniques from 2015-16 to 2016-17. Plant and equipment are carried at cost less depreciation which is deemed to be closest to fair value.
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