Queensland Consolidated Regulations

LOCAL GOVERNMENT REGULATION 2012 - REG 206

206 Valuation of non-current physical assets

(1) The value of a local government’s non-current physical assets must be worked out using the prescribed accounting standards.

(2) The local government must, by resolution, set an amount for each different type of non-current physical asset below which the value of an asset of the same type must be treated as an expense.

(3) The amount must be included in a note in the local government’s general purpose financial statement.

(4) For subsection (2) , the following assets that are controlled by the local government do not have a value for a local government’s general purpose financial statement—

(a) land that is a reserve under the Land Act ;

(b) a road that is not owned by the local government.