2018-2019 Treasurer's Annual Financial Report
Tabled paper 1407
Tabled papers for 13th Assembly 2016 - 2020; Tabled papers; ParliamentNT
Tabled by Nicole Manison
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.
Department of the Legislative Assembly
58 2018-19 Treasurers Annual Financial Report Notes to the financial statements For the year ended 30 June 2019 12. Other economic flows (continued) Revaluation of non financial assets Subsequent to initial recognition, assets belonging to the following classes of non financial assets are revalued with sufficient regularity to ensure the carrying amount of these assets does not differ materially from their fair value at reporting date: land buildings infrastructure assets heritage and cultural assets investment properties biological assets intangibles. The above classes of non current assets include certain new assets initially recognised at cost. Such new assets will continue to be measured at cost, which is deemed to equate to fair value, until the next revaluation for that asset class occurs. Plant and equipment are stated at historical cost less depreciation, which is deemed to equate to fair value. Historical cost includes expenditure directly attributable to the acquisition of the items. Independent valuations are obtained for key general government land, building and infrastructure assets in line with agency internal valuation policies and programs. Valuations are in accordance with the fair value basis, with most general government building and infrastructure assets valued at current replacement cost. Parcels of land are valued based on existing land use. Selected electrical network infrastructure, water and sewerage assets, gas pipeline assets and remote generation assets for Power and Water Corporation and Territory Generation are valued using the income approach. The income approach converts future amounts (for example, cash flows or income and expenses) to a single current (that is, discounted) amount. When the income approach is used, the fair value measurement reflects current market expectations about those future amounts (refer Note 38 (a)(ii) and Note 38 (b)(ii) for valuation techniques). A revaluation of urban public housing rental properties and remote government employee housing rental dwellings was completed at 30 June 2019, the results of which are reflected in these financial statements. Net revaluation movement of investment properties are classified as other economic flows included in operating result, whereas net revaluation movement of other non financial assets are recognised as other economic flows other comprehensive income.
Aboriginal and Torres Strait Islander people are advised that this website may contain the names, voices and images of people who have died, as well as other culturally sensitive content. Please be aware that some collection items may use outdated phrases or words which reflect the attitude of the creator at the time, and are now considered offensive.
We use temporary cookies on this site to provide functionality.
You are welcome to provide further information or feedback about this item by emailing TerritoryStories@nt.gov.au