Territory Stories

Central Land Council annual report 2017-18

Details:

Title

Central Land Council annual report 2017-18

Creator

Central Land Council (Australia)

Collection

E-Publications; E-Books; PublicationNT; Central Land Council Annual Report; Annual Report; CLC annual report

Date

2018-11-02

Notes

Made available by via Publications (Legal Deposit) Act 2004 (NT)

Language

English

Subject

Aboriginal Australians; Northern Territory; Land tenure; Periodicals; Annual report; Central Land Council (Australia)

Publisher name

Central Land Council

Place of publication

Alice Springs

Series

Central Land Council Annual Report; Annual Report; CLC annual report

Volume

2017/18

File type

application/pdf

ISSN

1034-3652

Use

Attribution International 4.0 (CC BY 4.0)

Copyright owner

Central Land Council (Australia)

License

https://creativecommons.org/licenses/by/4.0/

Parent handle

https://hdl.handle.net/10070/817212

Citation address

https://hdl.handle.net/10070/817213

Page content

148 CLC ANNUAL REPORT 201718 Revaluations of non-financial assets All land and buildings were subject to revaluation and were independently revalued by Maloney Asset Services at 30 June 2016. A revaluation increment of $1,614,649 for land and buildings was credited to the asset revaluation reserve and included in the equity section of the balance sheet in 2016. No land or buildings are currently held for sale or are expected to be sold or disposed in the next 12 months. Librarys valuable book collection was subject to revaluation and was independently revalued by Matthew Fishburn as at 30 June 2016. The difference in the valuation was immaterial. No property, plant or equipment is currently held for sale or expected to be sold or disposed in the next 12 months. At 30 June 2018, the accountable authority believes that all non-financial assets as reported are carried at the present fair market value and no indicators of impairment were found for non-financial assets. Accounting policy Assets are recorded at cost on acquisition except as stated below. The cost of acquisition includes the fair value of assets transferred in exchange and liabilities undertaken. Financial assets are initially measured at their fair value plus transaction costs where appropriate. Assets acquired at no cost, or for nominal consideration, are initially recognised as assets and income at their fair value at the date of acquisition, unless acquired as a consequence of restructuring of administrative arrangements. In the latter case, assets are initially recognised as contributions by owners at the amounts at which they were recognised in the transferors accounts immediately prior to the restructuring. Asset recognition threshold Purchases of property, plant and equipment are recognised initially at cost in the balance sheet, except for purchases costing less than $2,000 excluding GST, which are expensed in the year of acquisition (other than where they form part of a group of similar items which are significant in total). The initial cost of an asset includes an estimate of the cost of dismantling and removing the item and restoring the site on which it is located, including any necessary make good provisions. Revaluation Following initial recognition at cost, land, buildings and rare books are carried at fair value less subsequent accumulated depreciation and accumulated impairment losses. Valuations are conducted with sufficient frequency to ensure that the carrying amounts of assets are not materially different from their fair values as at the reporting date. The regularity of independent valuations depends upon the volatility of movements in the market value of the relevant assets. Revaluation adjustments are made on a class basis. Any revaluation increment is credited to equity under the heading of asset revaluation reserve except to the extent that it reversed a previous revaluation decrement of the same asset class that was previously recognised in the surplus/deficit. Revaluation decrements for a class of assets are recognised directly in the surplus/deficit except to the extent that they reversed in a previous revaluation increment for that class. Any accumulated depreciation as at the revaluation date is eliminated against the gross carrying amount of the asset and the asset is restated to the revalued amount. Frequency Freehold land, buildings and library are subject to a formal independent valuation at a minimum of every three years. The CLCs policy is for formal valuations to be carried out by an independent qualified valuer. Between formal valuations assets are assessed for movements in fair value. CENTRAL LAND COUNCIL NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018


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