Annual Report 2018-19

                                                                                                Financial Statements 2019



Noosa Shire Council

Notes to the Financial Statements
for the year ended 30 June 2019

Note 19. Asset Revaluation Surplus
                                                                                                   2019             2018

Movements in the asset revaluation surplus:

The asset revaluation surplus comprises adjustments relating to changes in value of property, plant and equipment
that do not result from the use of those assets. Net incremental changes in the carrying value of classes of
non-current assets since initial recognition are accumulated in the asset revaluation surplus. Increases and
decreases on revaluation are offset within a class of assets.

Where a class of assets is decreased on revaluation, that decrease is offset first against the amount remaining
in the asset revaluation surplus in respect of that class. Any excess is treated as an expense. When an asset is
disposed of, the amount in respect of that asset is retained in the asset revaluation surplus and not transferred to
retained surplus.

                                                                              Balance at                     Balance at
                                                                              beginning          2019            end of
                                                                                 of year    Movements              year
                                                                                   $'000         $'000            $'000


Movements in the asset revaluation surplus:

2019

Land                                                                            13,950           9,070           23,020
Buildings                                                                        9,348               -            9,348
Stormwater                                                                      13,818               -           13,818
Other Infrastructure Assets                                                      4,623               -            4,623
                                                                               41,739            9,070          50,809

2018
Land                                                                              6,815          7,135           13,950
Buildings                                                                         9,348              -            9,348
Stormwater                                                                        8,696          5,122           13,818
Other Infrastructure Assets                                                       2,033          2,590            4,623
                                                                               26,892          14,847           41,739




                                                                                                                 page 84