Asset Revaluation

Provision of independent expert valuation advice for the 2018-19 to 2020-21 financial years, with respect to:

• the fair value of assets for financial reporting purposes in accordance with the Public Governance, Performance and Accountability (Financial Reporting) Rule 2015 (FRR) and Australian Accounting Standards (particularly AASB 13 Fair Value Measurement, AASB 116 Property, Plant and Equipment and AASB 138 Intangible Assets) including remaining useful lives, indicators of impairment and valuation method

• the replacement value of assets for insurance purposes

• advice on factors to determine whether the carrying value of each asset class will continue to approximate its fair value between scheduled valuations

• valuation advice for assets acquired for no consideration, where required

• other related asset valuation advice, if required.

  The valuation should be conducted using the most cost-effective approach that is appropriate to the asset class noting the diverse and specialised nature of administered assets which are held the Indian Ocean Territories, Jervis Bay Territory and Norfolk Island.