31dfa1d2-3224-4dd7-a957-281a51cc7802

NOOSA SHIRE COUNCIL

 Notes to the financial statements
 For the six months ending 30 June 2014
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   19s   Fair value measurements

         (i) Recognised fair value measurements
         Council measures and recognises the following assets at fair value on a recurring basis:

              Property, plant and equipment
                 - Land
                 - Buildings
                 - Road and Bridge Network
                 - Storm Water
                 ~ Other Infrastructure Assets

         Council does not measure any liabilities at fair value on a recurring basis.

         Council has assets and liabilities which are not measured at fair value, but for which fair values are disclosed in other notes,
         Council borrowings are measured at amortised cost with interest recognised in profit or loss when incurred, The fair value of borrowings disclosed in note 23 is
         provided by the Queensland Treasury Corporation.
         The carrying amounts of trade receivables and trade payables are assumed to approximate their fair values due to their short-term nature (Level 2),
         A description of the valuation techniques and the inputs used to determine the fair value of this land is included below under the heading "Land (level 2)”.
         In accordance with AASB 13 fair value measurements are categorised on the following basis:
             ~ Fair value based on quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1)
             - Fair value based on inputs that are directly or indirectly observable for the asset or liability (Level 2)
             ~ Fair value based on unobservable inputs for the asset and liability (Level 3)

         The fair values of the assets are determined using valuation techniques which maximise the use of observable data, where it is available, and minimise the use of
         entity specific estimates. If all significant inputs required to fair value an asset are observable, the asset is included in level 2. If one or more of the significant
         inputs is not based on observable market data, the asset is included in level 3. This is the case for Council infrastructure assets, which are of a specialist nature for
         which there is no active market for similar or identical assets. These assets are valued using a combination of observable and unobservable inputs.

         The following table categorises fair value measurements as either level 2 or level 3 in accordance with AASB 13. Council does not have any assets or liabilities
         measured at fair value which meet the criteria for categorisation as tevel 1.

         The table presents the Council's assets and liabilities measured and recognised at fair value at 30 June 2014, Comparative information has not been provided as
         allowed by the transitional provisions of AASB 73 Fair Value Measurement.

                                                                                       Note
                                                                                                  (Significant other      (Significant
                                                                                                 observable inputs)      unobservable
                                                                                                        2014                 2014                2014
                                                                                                          $                   $                    $
         Recurring fair value measurements
         Property, plant and equipment                                                  18
               - Land                                                                                   120,945,066                  -          120.945,066
               - Buildings                                                                                                   $9,359,897          59,359,897
               - Road and Bridge Network                                                                         -          525.690.984         525,690,984
               - Storm Water                                                                                    -           104,337,298         104,337,298
               - Other Infrastructure Assets                                                                     -           $4,356,557          34,356,557
                                                                                                        120,945,066         743.744,736         864,689,802

         There were no transfers between levels 1 and 2 during the year, nor between levels 2 and 3.
         Council's policy is to recognise transfers in and out of the fair value hierarchy levels as at the end of the reporting period.

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