09-09 Recognition Of Certain Assets At Fair Value
Following on from the revaluation of council’s operational land and buildings by 30 June 2008, the next class of assets to be revalued are roads, bridges, footpaths and drainage assets. The Department recognises that it may take some time for councils to revalue these assets. In consultation with the Local Government Accounting Advisory Group, it has been determined that the timeframe for the revaluation of such assets should be extended. Accordingly:
- all councils’ roads, bridges, footpaths and drainage assets are to be valued at fair value by 30 June 2010.
Further information and advice relating to revaluation steps and components is provided in the annexure to this circular. Read more...