Highest and Best Use

The highest and best use of a property or asset is the use that maximizes its potential and that is physically possible, legally and financially feasible.

Sections 27-31 of "AASB 13 - Fair Value Measurement" discusses the highest and best use of non-financial assets.

The highest and best use of many council assets may be constrained by community service obligations.

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  3. AASB 13 - Fair Value Measurement
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