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09-25 Land Under Roads

Date: Tuesday 23rd June 2009
Category: Council Circular

The Department has reviewed the position on land under roads within that circular in light of comments received in relation to the Draft Local Government Code of Accounting Practice and Financial Reporting, Update 17 and comments received from New South Wales Treasury. This circular supersedes Circular 09/09 in relation to land under roads only.

The Department has now determined that in accordance with AASB 1051 Land Under Roads, a council may elect to recognise or not to recognise as an asset land under roads acquired before 1 July 2008. Land under roads acquired after that date is accounted for under AASB 116. Read more...

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