Infrastructure Revaluation Report
An Infrastructure Revaluation Report is a report that is designed to show that the valuations and revaluations of infrastructure assets carried out by an organisation such as a Council, comply with the Australian Accounting Standards and the Local Government Act 1989, and as such, have been completed with reference to the following:
- The Australian Accounting Standards Board AASB 13, “Fair Value Measurement”;
- The Australian Accounting Standards Board AASB 116, “Property, Plant and Equipment”;
- The Australian Accounting Standards Board AASB 136, “Impairment of Assets”;
- International Valuation Application 3 – Valuations of Public Sector Assets for Financial Reporting.
The report documents the revaluation process including a review and/or calculation of the following:
- Currency and Accuracy of Asset Register(s)
- Replacement Unit Rates
- Residual Values (where applicable)
- Determination of Useful Lives
- Current Replacement Cost
- Depreciable Amount
- Accumulated Depreciation
- Depreciated Replacement Cost
- Test for Indicators for Impairment
- Annual Depreciation Expense
- Greenfields & Brownfields Valuation Assessment
- Community Service Obligations
- Componentisation Summary
- Developer Contributions Summary
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