Annual Report 2019-20

Noosa Shire Council
Notes to the Financial Statements
for the year ended 30 June 2020

Note 15. Fair Value Measurement

Regonised fair value measurement

Council measures and recognises the following assets at fair value on a recurring basis:
    - Investment Property
    - 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 the
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 20 is provided by the Queensland Treasury Corporation (QTC) and
represents the market value to extinguish the debt at balance date. This information was provided by QTC and
represents the contractual undiscounted cash flows at balance date. Liquidity risk information on Council's borrowings
is also disclosed in Note 30.

In accordance with AASB 13 Fair Value Measurements are categorised on the following basis:
    - Level 1 - Fair value based on quoted prices in active markets for the asset or liability
    - Level 2 - Fair value based on inputs that are observable for the asset or liability, either directly (as prices) or
      indirectly (derived from prices).
    - Level 3 - Fair value based on unobservable inputs for the asset and liability.

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 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.




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