Section 73 of AASB 116 requires that Councils financial report shall (amongst other requirements) disclose, for each class of property, plant and equipment a reconciliation of the carrying amount at the beginning and end of the period showing (amongst other items) additions. It does not however define the term "additions".

At least some Councils assume the term "additions" to mean;

  • new assets
  • the "new" component of asset upgrades

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