Go to top of page

Note 7.4: Fair Value Measurement

Fair value measurements at the end of the reporting period

2020

2019

$

$

Financial assets

Cash on hand or on deposit

122,977

-

Total Financial assets

122,977

-

Non-financial assets

Right of use assets - Buildings - at amortised cost

2,322,076

-

Property, plant and equipment - approximate to fair value

834,320

1,122,085

Total non-financial assets

3,156,396

1,122,085

Financial liabilities (approximate to fair value)

Trade creditors and accruals

606,824

713,501

Other payables

112,705

1,455,888

Lease liabilities - Buildings - at amortised cost

2,307,149

-

Total financial liabilities

3,026,678

2,169,389

Non-financial liabilities

Employee provisions (approximate to fair value)

849,559

484,035

Total non-financial liabilities

849,559

484,035

Accounting Policy

Following initial recognition at cost, property, plant and equipment is carried at fair value less subsequent accumulated depreciation and accumulated impairment losses.

Valuations are conducted with sufficient frequency to ensure the carrying amounts of assets do not differ materially from the assets’ fair values as at the reporting date. The regularity of independent valuations depends upon the volatility of movements in market values for the relevant assets.

The Commission's assets are held for operational purposes and not held for the purposes of deriving a profit. The current use of all non-financial assets is considered their highest and best use.

The Commission's policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period. There have been no transfers between level 1 and level 2 of the hierarchy during the year.

Financial liabilities are held at amortised cost. At 30 June, they are approximate to fair value.