Commonwealth Numbered Regulations Commonwealth Numbered Regulations(1) For section 27 of the Act, the value on a particular day of an asset of an entity or business is (subject to subsections (3) and (4) of this section) the following value:
(a) if there is a most recent financial statement and an event affecting the value of the asset as shown in that financial statement has not occurred since the financial statement was most recently audited or reviewed--the value of the asset as shown in the financial statement;
(b) otherwise--the value of the asset as shown on that day in the accounting records of the entity or business.
(2) The most recent financial statement , in relation to a day, is the financial statement of the entity or business that was most recently audited or reviewed by an auditor before that day.
(3) Subsection (1) does not apply if the value shown is not a reasonable value.
(4) This section does not limit how the value of an asset of an entity or business may be determined.