Valuation of non-current physical assets
206 Valuation of non-current physical assets
The value of a local government’s non-current physical assets must be worked out using the prescribed accounting standards.
The local government must, by resolution, set an amount for each different type of non-current physical asset below which the value of an asset of the same type must be treated as an expense.
The amount must be included in a note in the local government’s general purpose financial statement.
For subsection (2), the following assets that are controlled by the local government do not have a value for a local government’s general purpose financial statement—
land that is a reserve under the Land Act;
a road that is not owned by the local government.
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.