City of Brisbane Regulation 2012
sec.198Valuation of non-current physical assets
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sec.198 Valuation of non-current physical assets
The value of the council’s non-current physical assets must be worked out using the prescribed accounting standards. The council 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 council’s general purpose financial statement. For subsection (2) , the following assets that are controlled by the council do not have a value for the council’s general purpose financial statement— land that is a reserve under the Land Act ; a road that is not owned by the council. (sec.198-ssec.1) The value of the council’s non-current physical assets must be worked out using the prescribed accounting standards. (sec.198-ssec.2) The council 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. (sec.198-ssec.3) The amount must be included in a note in the council’s general purpose financial statement. (sec.198-ssec.4) For subsection (2) , the following assets that are controlled by the council do not have a value for the council’s general purpose financial statement— land that is a reserve under the Land Act ; a road that is not owned by the council.
- (a) land that is a reserve under the Land Act ;
- (b) a road that is not owned by the council.