Annual Report 2020-21

Noosa Council
Notes to the Financial Statements
for the year ended 30 June 2021

Note 14. Property, Plant and Equipment (continued)

The table below presents all items that are measured and recognised within the Statement of Financial Position at fair
value. In accordance with AASB 13, all fair value measurements are on a recurring basis and categorised as either Level 2
or Level 3 fair value measurements. Council does not have any assets or liabilities measured at fair value which meet the
criteria for categorisation as Level 1.

(1) The following table presents all assets and liabilities that have been measured and recognised at fair
§Subnote§




values:
                                                                                    Fair value measurement using
                                                                                       Level 2      Level 3
                                                                         Date of    Significant  significant
                                                                           latest   observable unobservable
$ '000                                                                 valuation        inputs       inputs              Total

2021
Property, Plant and Equipment
Land                                                                   13/03/2018        8,388        167,674          176,062
Buildings                                                              30/06/2020            –         62,243           62,243
Road and Bridge Network                                                31/03/2018            –        488,899          488,899
Storm Water                                                            30/06/2020            –        143,771          143,771
Other Infrastructure Assets                                            30/06/2021            –         47,248           47,248
Investment Property                                                    30/06/2021         2,900             –            2,900
Total Property, Plant and Equipment                                                    11,288        909,835           921,123

2020
Property, Plant and Equipment
Land                                                                   13/03/2018        7,228        144,478          151,706
Buildings                                                              30/06/2020            –         63,474           63,474
Road and Bridge Network                                                31/03/2018            –        477,139          477,139
Storm Water                                                            30/06/2020            –        142,938          142,938
Other Infrastructure Assets                                            30/06/2016            –         48,327           48,327
Investment Property                                                    30/06/2020        3,000              –            3,000
Total Property, Plant and Equipment                                                    10,228        876,356           886,584

(2) Transfers between Level 1 and Level 2 Fair Value Hierarchies
§Subnote§




During the year, there were no transfers between Level 1 and Level 2 Fair Value hierarchies for recurring fair value
measurements.

Council's policy for determining transfers between fair value hierarchies is at the end of the reporting period.




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