Territory Stories

Annual Report 2016-2017 Department of the Legislative Assembly

Details:

Title

Annual Report 2016-2017 Department of the Legislative Assembly

Other title

Tabled paper 405

Collection

Tabled papers for 13th Assembly 2016 - 2020; Tabled papers; ParliamentNT

Date

2017-10-10

Description

Deemed

Notes

Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.

Language

English

Subject

Tabled papers

File type

application/pdf

Use

Copyright

Copyright owner

See publication

License

https://www.legislation.gov.au/Details/C2019C00042

Parent handle

https://hdl.handle.net/10070/272314

Citation address

https://hdl.handle.net/10070/428605

Page content

DEPARTMENT OF THE LEGISLATIVE ASSEMBLY NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2017 DLA Annual Report 2016-17 Page 45 13. FAIR VALUE MEASUREMENT OF NON-FINANCIAL ASSETS a) Fair Value Hierarchy Fair values of non-financial assets categorised by levels of inputs used to compute fair value are: Level 1 Level 2 Level 3 Total Fair Value $000 $000 $000 $000 2016-17 Asset Classes Land (Note 11) - 84,910 - 84,910 Buildings (Note 11) - - 201,097 201,097 Infrastructure (Note 11) - - 100 100 Plant and Equipment (Note 11) - - 312 312 Heritage and Cultural (Note 12) - - 112 112 Total - 84,910 201,621 286,531 2015-16 Asset Classes Land (Note 11) - 84,910 - 84,910 Buildings (Note 11) - - 204,414 204,414 Infrastructure (Note 11) - - 102 102 Plant and Equipment (Note 11) - - 37 37 Heritage and Cultural (Note 12) - - 114 114 Total - 84,910 204,667 289,577 There were no transfers between Level 1 and Levels 2 or 3 during 2016-17. b) Valuation Techniques and Inputs Valuation techniques used to measure fair value in 2016-17 are: Level 2 Level 3 Techniques Techniques Asset Classes Land Market Buildings Cost Infrastructure Cost Plant and Equipment Cost Heritage and Cultural Cost There were no changes in valuation techniques from 2015-16 to 2016-17. Colliers International provided valuations for the land, buildings and infrastructure assets. Level 2 fair values of land were based on market evidence of sales price per square metre of comparable land and buildings. Level 3 fair values of specialised buildings and infrastructure were determined by computing their depreciated replacement costs because an active market does not exist for such facilities. The depreciated replacement cost was based on a combination of internal records of the historical cost of the facilities, adjusted for contemporary technology and construction


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