2020-11-16 GC Agenda - Item 6 - Attachment 1 - Noosa Council Annual Report 2019-20

Noosa Shire Council

Notes to the Financial Statements
for the year ended 30 June 2020

Note 15. Fair Value Measurement                      (continued)


(1) The following table presents all assets and liabilities that have been measured and recognised at
    fair values:
                                                                            Fair Value
                                                                        Measurement using:
                                                                   Level 1      Level 2         Level 3            Total
                                                      Date          Quoted     Significant     Significant
                                                    of latest      prices in   observable    unobservable
                                                    valuation   active mkts        inputs          inputs
 2020                                                                $'000         $'000           $'000           $'000
Property, Plant and Equipment
- Land                                              31/03/18                     7,228         144,478        151,706
- Buildings                                         30/06/20                         -          63,474         63,474
- Road and bridge network                           31/03/18                         -         477,139        477,139
- Storm water                                       30/06/20                         -         142,938        142,938
- Other infrastructure assets                       30/06/16                         -          48,327         48,327
- Investment Property                               30/06/20                     3,000               -          3,000
Total Property, Plant and Equipment                                      -      10,228         876,356        886,584

 2019
Property, Plant and Equipment
- Land                                              31/03/18             -       7,228         144,480        151,708
- Buildings                                         30/06/15             -           -          62,079         62,079
- Road and bridge network                           31/03/18             -           -         451,546        451,546
- Storm water                                       30/06/15             -           -         119,826        119,826
- Other infrastructure assets                       30/06/16             -           -          51,532         51,532
- Investment Property                               30/06/19                     3,300               -          3,300
Total Property, Plant and Equipment                                      -      10,528         829,463        839,991



(2) Transfers between Level 1 and Level 2 Fair Value Hierarchies

During the year, there were no transfers between Level 2 and Level 3 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.

(3) Valuation techniques used to derive Level 2 and Level 3 Fair Values

Where Council is unable to derive fair valuations using quoted market prices of identical assets
(ie. Level 1 inputs) Council instead utilises a spread of both observable inputs (Level 2 inputs) and
unobservable inputs (Level 3 inputs).

The Fair Valuation techniques Council has employed while utilising Level 2 and Level 3 inputs are as follows:




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