The following resources provide guidance on the application of Financial Reporting Policy.
Revaluation of Non-Current Physical Assets
Non-current physical assets represent a significant resource for the delivery of services by public sector entities. Effective decision-making in respect of these resources requires the accurate recognition of these assets.
This Policy reflects the requirements of AASB 1041 Revaluation of Non-Current Assets by prescribing and providing guidance on the measurement and recognition of non-current physical assets subsequent to their initial recognition. This is to ensure a consistent and accurate approach in the revaluation of non-current physical assets is adopted by all applicable public sector entities.
All entities defined as an ‘authority’ and ‘public body’ under section 3 of the Financial Management Act 1994 (FMA) must comply with this Policy for annual reporting periods ending on or after 31 December 2001. Entities that store and distribute water as part of their core operations and entities that are involved in the provision of railway infrastructure are exempt from applying this Policy for the reporting periods ending on 31 December 2001 or 30 June 2002.
Revaluation of Non-Current Physical Assets (320 kb PDF)
Following the issue of the Policy, the Department of Treasury and Finance (DTF) received common questions relating to the implementation of the requirements of the Policy.
The purpose of this guidance is to address and clarify the issues contained in the frequently asked questions arising from the application of the Policy. This should also serve to ensure a consistent and accurate approach is adopted in the application of the Policy. Accordingly, DTF has issued this supplementary guidance to the Policy.
Frequently Asked Questions and Supplementary Guidance (668 kb Word)
Other Guidance
2008-09 Guidelines for compliance with FRD 22B (83 kb Word)
Disclosing the impacts of A-IFRS (Deloitte - March 2005) (657 kb PDF)
Guidance for compliance with FRD 24C (links to the EPA website)
