Annual Report 2021-22

Noosa Council
Notes to the Financial Statements
for the year ended 30 June 2022

Note 15. Property, Plant and Equipment (continued)

In accordance with AASB 13 fair value measurements are categorised on the following basis:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities,

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly
         or indirectly,

Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).

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.

(1) The following table presents all assets and liabilities that have been measured and recognised at fair
§Subnote§




values:

                                                                                        Fair value measurement using
                                                                                          Level 2      Level 3
                                                                            Date of    Significant  Significant
                                                                              latest   observable unobservable
$ '000                                                                    valuation        inputs       inputs                  Total

2022
Property, Plant and Equipment
Land                                                                      30/06/2022       135,187        175,104            310,291
Buildings                                                                 30/06/2020             –         70,611             70,611
Road and Bridge Network                                                   31/03/2018             –        532,548            532,548
Storm Water                                                               30/06/2020             –        158,343            158,343
Other Infrastructure Assets                                               30/06/2021             –         50,864             50,864
Investment Property                                                       30/06/2022         3,300              –              3,300
Total Property, Plant and Equipment                                                       138,487        987,470          1,125,957

2021
Property, Plant and Equipment
Land                                                                      13/03/2018         8,388        167,674            176,062
Buildings                                                                 30/06/2020             –         62,243             62,243
Road and Bridge Network                                                   31/03/2018             –        488,899            488,899
Storm Water                                                               30/06/2020             –        143,771            143,771
Other Infrastructure Assets                                               30/06/2021             –         47,248             47,248
Investment Property                                                       30/06/2021         2,900              –              2,900
Total Property, Plant and Equipment                                                        11,288        909,835             921,123

(2) Transfers between level 1 and level 2 fair value hierarchies
§Subnote§




During the year, there were no transfers between Level 1 and Level 2 Fair Value hierarchies for recurring fair value
measurements.

Council's policy for determining transfers between fair value hierarchies is at the end of the reporting period.




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