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Notes - 7.4 Fair Value Measurement

7.4 Fair Value Measurement

Note 7.4A: Fair Value Measurements

Fair value measurements at the end of the reporting period

2020

2019

$'000

$'000

Non-financial assets

Buildings

10,185

10,223

Plant and equipment

2,430

2,020

Heritage and cultural assets

202

235

Accounting Policy

Valuation of land assets

Independent valuations are obtained annually as at 30 June 2020 for land assets. These valuations include calculations of estimated market cash flows which are adjusted to take into account physical, economic and external factors relevant to the asset under consideration.

Valuation of buildings, infrastructure, plant and equipment and heritage and cultural assets

The estimated cost to replace the asset has been calculated and then adjusted to take into account obsolescence and physical deterioration (accumulated depreciation). The obsolescence has been determined based on professional judgement regarding physical, economic and external factors relevant to the asset under consideration.

An independent valuation was undertaken for all assets except intangible assets as at 30 June 2020.

A reconciliation of movements of assets measured at fair value is included in Note 3.2A.

7.5 Administered – Fair Value Measurement

Note 7.5A: Fair Value Measurements

Fair value measurements at the end of the reporting period

2020

2019

$'000

$'000

Non-financial assets

Land

468,447

429,392

Buildings

20,069

16,278

Property, plant and equipment

421,149

347,562

Heritage assets

54,370

47,945

Accounting Policy

The accounting policy for fair value disclosed at Note 7.4 applies equally to administered fair value.