The NSW Treasury has issued a Policy and Guidelines Paper on the valuation of non-current assets.
The Treasury paper, TPP21-09 Policy and Guidelines Paper Valuation of Physical Non-Current Assets at Fair Value, provides requirements and guidance for valuing physical non-current assets at fair value for general purpose financial reporting.
Chief Financial and Operations Officer of Treasury, Stewart Walters (pictured) said the aim of the Paper was to provide relevant and reliable information for decision making and ensure a consistent approach to asset valuation across the NSW Public Sector.
“Many assets in the public sector have few or no alternative uses and many infrastructure assets are specialised,” Mr Walters said.
“This Policy therefore clarifies the meaning of ‘fair value’ for assets with few or no alternative uses,” he said.
“This Policy is applicable to all entities that are reporting GSF Agencies within the meaning of section 7.3 of the Government Sector Finance Act 2018, and to the accountable authorities for those reporting GSF Agencies.”
Mr Walters said in order to avoid doubt, the Policy did not apply to universities and their controlled entities, or to their accountable authorities.
The Chief Financial and Operations Officer said the Paper superseded the previous NSW Treasury Policy & Guidelines Paper of the same name (TPP 14-01) and applied from 1 July this year.
Treasury’s 43-page TPP21-09 can be accessed at this PS News link.