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5.3: Fair Value Measurement

Accounting Policy

The Commission seeks independent valuation for material non-financial assets on a triennial basis. The Commission procured the services of the Jones Lang Lasalle (JLL) to undertake a comprehensive revaluation of the leasehold improvement asset at 30 June 2019 and relied upon those outcomes to establish carrying amounts. JLL provided written assurance to the Commission that the models developed are in compliance with AASB 13 Fair Value Measurement.

Fair value measurement at the end of the reporting period

2020

2019

$'000

$'000

Non-financial assets

Leasehold improvements

255

358

Plant and Equipment

132

175

Total non-financial assets

387

533