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TOWN OF VICTORIA PARK NOTES TO AND FORMING PART OF THE FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2022
6.INVENTORIES
The following movements in inventories occurred during the year:
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Significant Accounting Policies
General Land held for resale (Continued)
Inventories are measured at the lower of cost and net
Borrowing costs and holding charges incurred after realisable value. development is completed are expensed.
Net realisable value is the estimated selling price in the Gains and losses are recognised in profit or loss at ordinary course of business less the estimated costs of the time of signing an unconditional contract of sale if completion and the estimated costs necessary to make significant risks and rewards, and effective control over the sale. the land, are passed onto the buyer at this point.
Land held for resale Land held for resale is classified as current except Land held for development and resale is valued at the where it is held as non-current based on the Council’s lower of cost and net realisable value. Cost includes the intentions to release for sale. cost of acquisition, development, borrowing costs and holding costs until completion of development.
Town Of Victoria Park
NOTES TO AND FORMING PART OF THE FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2022
7.PROPERTY, PLANT AND EQUIPMENT
(a) Movements in Balances
Movement in the balances of each class of property, plant and equipment between the beginning and the end of the the current financial year.
-(2,275,533)(2,275,533)(58,226)(371,694)(68,965)(2,774,418)
205,188,10862,377,775267,565,883434,1232,181,673830,315271,011,994
205,188,108119,338,398324,526,5061,514,5002,748,2071,280,930330,070,143 -(56,960,623)(56,960,623)(1,080,377)(566,534)(450,615)(59,058,149)
205,188,10862,377,775267,565,883434,1232,181,673830,315271,011,994
358526,232526,59037,085377,893
-138,907300,203
-(2,291,021)(2,291,021)(59,150)(387,818)(90,246)(2,828,235)
204,890,22560,562,458265,452,683412,0582,039,194878,976268,782,911
204,890,225119,672,525324,562,7501,551,5842,914,7241,419,837330,448,895 -(59,110,067)(59,110,067)(1,139,526)(875,530)(540,861)(61,665,984)
204,890,22560,562,458265,452,683412,0582,039,194878,976268,782,911
Town Of Victoria Park Notes To And Forming Part Of The Financial Report For The Year Ended 30 June 2022
7.PROPERTY, PLANT AND EQUIPMENT (Continued)
(b) Carrying Value Measurements
Level 3 inputs are based on assumptions with regards to future values and patterns of consumption utilising current information. they have the potential to result in a significantly higher or lower fair value measurement
During the period there were no changes in the valuation techniques used by the local government to determine the fair value level 2 or level 3 inputs. (ii)
Following a change to Local Government (Financial Management) Regulation 17A, plant and equipment type assets (being are to be measured under the cost model, rather than at fair value. This change was effective from 1 July 2019 and represented Revaluations carried out previously were not reversed as it was deemed fair value approximated cost at the date of change
Inputs Used
2020 Price per hectare / market borrowing rate
2020
Available market information and utilising both observable and unobservable inputs being construction costs based on recent contract prices, current condition, residual values and remaining useful life assessment.
2020 Construction costs and current condition residual values and remaining useful life assessment inputs. information. If the basis of these assumptions were varied, value of property, plant and equipment using either
2020 Purchase cost
2020 Purchase cost
Town Of Victoria Park Notes To And Forming Part Of The Financial Report For The Year Ended 30 June 2022
8.INFRASTRUCTURE
(a) Movements in Balances
Movement in the balances of each class of infrastructure between the beginning and the end of the current financial year.
