2016-06-29 Special Meeting Agenda

COUNCIL POLICY – NON CURRENT ASSET ACCOUNTING POLICY


As guidance in considering materiality thresholds the following can be used:

a)         an amount equal to or greater than 10% of the appropriate base may be resumed to be
           material;
b)         an amount equal to or less than 5% of the appropriate base amount may be presumed to be
           not material; and
c)         an amount between 5% and 10% requires judgment.


18         Disclosure in the Financial Report

If non-current assets are stated as revalued amounts, the following will be disclosed:

a)         The effective date of the revaluation;
b)         Whether an independent valuer was involved;
c)         The methods and significant assumptions applied in estimating the item’s fair values;
d)         The extent to which the item’s fair values were determined directly by reference to observable
           prices in an active market or recent market transactions on arm’s length terms or were estimated
           using other valuation techniques; and
e)         The revaluation reserve, indicating the change for the period and any restrictions on the
           distribution of the balance to shareholders.


ROLES AND RESPONSIBILITIES

Manager Financial Services – Policy Owner.

Financial asset management requires a whole of Council approach and is the responsibility of the
Asset Custodians, Asset Accountant and the Financial Accountant.


RELEVANT LEGISLATION

Local Government Act 2009
Local Government Regulation 2012
Australian Accounting Standards and Interpretations




Version control:
     Version       Reason/ Trigger               Change (Y/N)   Endorsed/ Reviewed by        Date

     1.0           Create new                                   Financial Accountant         January 2016

     2.0           Review                        Y – para 12    Manager Financial Services   May 2016




                                                                                                        Page 9