sec.206Valuation of non-current physical assets

### sec.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. (sec.206-ssec.1) The value of a local government’s non-current physical assets must be worked out using the prescribed accounting standards. (sec.206-ssec.2) 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. (sec.206-ssec.3) The amount must be included in a note in the local government’s general purpose financial statement. (sec.206-ssec.4) 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. - (a) land that is a reserve under the Land Act ; - (b) a road that is not owned by the local government.