Meeting papers

 Remaining useful life    The estimated time remaining until the asset ceased to provide the required
                          level of service or reaches the end of its economic usefulness.
 Reproduction cost        Establishes the current cost of reproducing every component of an asset in a
                          style and form of construction that closely resembles the original – this typically
                          applies to heritage assets.
 Residual value           The estimated consideration receivable from the disposal of an asset, after
                          deducting the estimated costs of disposal, if the asset were already of the age
                          and condition expected at the end of the assets useful life
 Revaluation model        An accounting policy that may be applied for the measurement of an entire
                          asset class. After recognition as an asset, an item of property, plant and
                          equipment whose fair value can be measured reliably shall be carried at a
                          revalued amount. An item’s revalued amount is its fair value at the date of the
                          revaluation less any subsequent accumulated depreciation and subsequent
                          accumulated impairment losses.
 Segment                  A discrete unit of a linear asset such as a road or pipe.
 Service capacity         An assets capacity to achieve its owner’s objectives. Service capacity is
                          synonymous with service potential and economic benefits.
 Unit rates               Asset unit construction rates based on replacement cost principles that exclude
                          specific asset management costs to fully comply with accounting standards
                          and to avoid the potential for double counting of costs
 Useful life              The useful life of an asset can be either:
                          a) the period over which an asset is expected to be available for use by an
                               entity; or
                          b) the number of production or similar units expected to be obtained from the
                               asset by an entity.
 Value in Use             Normally refers to assets that generate some form of cash inflow. Where
                          assets have no cash inflow, value in use is deemed to be depreciated current
                          replacement cost.
 Written-down value       The amount at which an asset is recorded (either at cost or fair value) within
                          the financial asset register after deducting any accumulated depreciation and
                          accumulated impairment losses. This is the same as an assets carrying
                          amount or net book value.

ROLES AND RESPONSIBILITIES

Councillors
Councillors will consider and adopt the Policy.

Chief Executive Officer (CEO) and Executive Team
The CEO and Executive Team will endorse for Council adoption and provide leadership and
commitment in complying with the Policy and relevant legislation and documents.

Financial Services Manager
Policy Owner.

Council Officers
Financial asset management requires a whole of Council approach and is the responsibility of the
Executive Team, Management, Asset Custodians, Asset Management team, the Asset Accountant
and the Financial Accounting Coordinator.

RELEVANT LEGISLATION AND POLICY

Local Government Act 2009
Local Government Regulation 2012
Australian Accounting Standards and Interpretations
Noosa Council Financial Sustainability Policy
Noosa Council Asset Management Policy




                                                                                                      Page 9
                                                                                                       Page 78 of 392