RFQ - Independent Review of Value in Use Methodology
Tender ID: 299525
Tender Details
Tender Description
In the conduct of the 2015/16 statutory audit the Tasmanian Audit Office (TAO) expressed concerns regarding the valuation approach adopted by TasWater for water and sewerage infrastructure assets.
These concerns related to:
* the frequency of valuations using the income approach
* the determination and recognition of the fair value of infrastructure assets using an income approach valuation in accordance with the requirements of, and guidance provided in, AASB 13
* adoption of highest and best use in the valuation of infrastructure assets
* the range of values used assessing impairment of the carrying value of infrastructure assets.
The TAO also recommended TasWater determine whether disposal costs for assets recognised at fair value are negligible so as to determine whether impairment assessments need to be undertaken each year.
TasWater has agreed to appoint an independent expert to conduct a review of its fair value policy and methodology in the 2016/17 financial year.
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