32Recent valuations of interests in land and buildings

## 32 Recent valuations of interests in land and buildings (1) In this clause: > current value, in relation to an interest in land or buildings for the purpose of accounts or consolidated accounts for a financial period, means the most recent valuation made within the last 3 years before the end of that financial period. > interest in land or buildings means: (a) freehold, strata title or rights to occupy land conferred by shares in a corporation; or (b) leasehold interests in land for a term exceeding 20 years or any other interest conferring a right to reside on or otherwise occupy land; but does not include: (c) interests referred to in paragraphs (a) and (b) held for sale; (d) a mere licence to occupy land; or (e) rights for the purpose of mining or otherwise for the extraction of materials from land. (2) If: (a) at the end of a financial period the assets of a company or economic entity include interests in land and buildings; and (b) the value at which those assets are shown in accordance with clause 17 is not the current value; the accounts of a company or the consolidated accounts relating to the economic entity for that period must include a note stating the current values of those interests at the end of that period. (3) The values required by subclause (2) for assets may be given as the total value if both or all of those assets, as the case may be: (a) have been valued in the same year and on the same basis; and (b) are the subject of the same type of valuation, being a director’s valuation or an independent valuation.