The above table identifies assets that are measured at fair value. The remaining assets and liabilities do not apply the fair value hierarchy.

The NLA did not measure any non-financial assets at fair value on non-recurring basis at 30 June 2019.

There have not been any changes to the valuation techniques used for valuing the NLA's assets during 2018-19.

Accounting Policy

Recurring Level 3 fair value measurements – valuation processes

On an annual basis the NLA engages professional independent valuers with appropriate skills and experience to ensure that assets held at fair value are held at current fair value. For the 30 June 2019 valuation the NLA engaged the following valuers:

• Land, building and leasehold improvements: Herron Todd White (Canberra) Pty Ltd.
• Tangible heritage and cultural assets (i.e. National Collection): Jones Lang Lasalle Advisory Pty Ltd.
• Other property, plant and equipment: Pickles Valuation Services were engaged to confirm that current values did not materially differ to fair value.

The NLA relies on the valuation models provided by the valuers and it is the NLA’s policy to seek valuation advice annually to confirm that all valuations remain current. All contracted valuers are required to provide written assurance that the valuation models used are in compliance with AASB 13 Fair Value Measurement.

Transfers between fair value hierarchy levels

It is the NLA’s policy to recognise transfers into and out of the fair value hierarchy levels as at the end of the reporting period.