Annual Report 2016-17

                                                                                                   Financial Statements 2017



 Noosa Shire Council

Notes to the Financial Statements
 for the year ended 30 June 2017

Note 12. Fair Value Measurements



(i) Recognised fair value measurements

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 15 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 27.

The carrying amounts of trade receivables and trade payables are assumed to approximate their fair values due to
their short-term nature (Level 2).

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 recurrent 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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