Description

TPP 14-01 (the 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 & Guidelines Paper therefore clarifies the meaning of ‘fair value’ for assets with few or no alternative uses.

This Policy is applicable to all NSW public sector entities (including Statutory State Owned Corporations). The Policy applies for financial years ending on or after 30 June 2014, except for certain aspects of the Policy regarding the conduct of revaluations (parts of section 8 and 9) that apply for financial years ending on or after 30 June 2015. This Policy is consistent with the Australian Accounting Standards, including AASB 13 Fair Value Measurement. It supersedes the previous NSW Treasury Policy & Guidelines Paper of the same name (TPP 07-1).