Financial Management and Accountability (Financial Statements 2001-2002) Orders
14Land, buildings, infrastructure, plant and equipment
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14 Land, buildings, infrastructure, plant and equipment
14.1 Subject to clause 14.3, agencies and authorities must continue to progressively revalue land, buildings, infrastructure, plant and equipment using the deprival basis of valuation for the financial year ending 30 June 2002 (AASB 1041 Revaluation of Non-Current Assets paragraph 8.10 (b)).
14.2 For financial periods beginning on or after 1 July 2002, the fair value basis must be applied to revaluations of the following asset classes in accordance with Australian Accounting Standard AASB 1041:
(a) Land;
(b) Buildings;
(c) Subject to clause 14.3, infrastructure, plant and equipment; and
(d) Heritage and cultural assets.
14.3 For financial periods beginning on or after 1 July 2001, the cost basis must be applied to specialist military equipment assets.