Description

This Policy provides requirements and guidance for valuing physical non-current assets at fair value for general purpose financial reporting, taking into account the unique circumstances of the public sector. The aim is 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. This Policy therefore clarifies the meaning of ‘fair value’ for assets with few or no alternative uses.

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.