2021-11-15 GC Agenda - Item 12 - Attachment 1 - Noosa Council Annual Report 2020-21

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

Note 13. Investment property
§Note/Subtotal§
§Subnote§




Investment property is property held for the primary purpose of earning rentals and/or capital appreciation. This includes land
held by Council for a currently undetermined future use. Investment property does not include community housing or other
property held to provide a social service.

Investment property is initially recognised at cost (including transaction costs) and subsequently at fair value. Where investment
property is acquired for significantly below fair value it is recorded at fair value on initial recognition. The methodology used
for determining subsequent fair value is outlined in Note 14.

Gains or losses arising from changes in the fair value of investment property are recognised as incomes or expenses
respectively for the period in which they arise. Investment property is not depreciated and is not tested for impairment.

Owned Investment Property

$ '000                                                                                                 2021                2020

Fair Value at Beginning of Financial Year                                                              3,000               3,300
Revaluation Decrement                                                                                  (100)               (300)
Total Investment Property                                                                             2,900               3,000

Operating expenses in respect of investment property are reported in Note 6 and 17.




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