Office of Local Government

Asset Valuation Methodology Review

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Targeted questions (Revaluation model)

Question 1. What is your view on the revaluation model?

Question 2. Do you support the continued use of the revaluation model for NSW councils?

YesNo

Please provide details

Question 3. What are the advantages and disadvantages of continuing to use the revaluation model and how would your council prioritise them?

Question 4. Would the continued use of the revaluation model provide more relevant and reliable information to users of the financial statements about the effects of transactions, other events or conditions on financial position, performance and cash flow for councils over the other options?

YesNo

Please provide details

Question 5. Can you provide modelling or statistics to support your views on the revaluation model?

YesNo

Please provide details

Question 6. What changes, improvements, additional guidance, training or support would assist your council if the revaluation model is retained?

Question 7. What else should be considered?

Targeted questions (Cost model)

Question 8. What is your view on the cost model?

Question 9. Do you support the cost model for NSW councils?

YesNo

Please provide details

Question 10. What are the advantages and disadvantages of moving to a cost model and how would your council prioritise them?

Question 11. Will the introduction of the cost model result in more relevant and reliable information to users of the financial statements about the effects of transactions, other events or conditions on financial position, performance and cash flow for councils over the other options?

YesNo

Please provide details

Question 12. Can you provide modelling or statistics to support your views?

YesNo

Please provide details

Question 13. Does your council have sufficient historical information available to report a ‘true historical cost’ for the transition of current assets to the cost model?

YesNo

Please provide details

Question 14. What is your view on a phased approach to the cost model, where certain asset classes are transitioned over time so that councils have time to prepare systems and processes and work with their auditor?

Question 15. If a phased approach was supported, what timeframe would you suggest to phase in the cost model?

Question 16. If a phased approach was supported, what asset classes should be prioritised?

Question 17. If there was a change in local government valuation approaches, what finance system and/or implementation timelines and processes would council need to undertake?

Question 18. What training, guidance or support would council need if the cost model was implemented?

Targeted questions (Mixed model)

Question 19. What is your view on a mixed valuation approach?

Question 20. Do you support the use of a mixed valuation approach?

YesNo

Please provide details

Question 21. Which asset classes would you consider appropriate for measurement under the revaluation method and which asset classes under the cost method?

Question 22. If a phased approach was supported for the asset classes falling under the cost approach, what timeframe would you suggest to phase in the cost model?

Question 23. If a phased approach was supported, what asset classes should be prioritised?

Question 24. What are the advantages and disadvantages of implementing a mixed valuation approach and how would your council prioritise them?

YesNo

Please provide details

Question 25. Would the mixed valuation approach result in more relevant and reliable information about the effects of transactions, other events or conditions on financial position, performance and cashflow for councils over the other options?

YesNo

Please provide details

Question 26. If there was a change in local government valuation approaches, what system and/or implementation timelines, costs and processes would council need to undertake?

Question 27. Do you have any modelling or statistics to support your views?

YesNo

Please provide details

Question 28. What training or guidance would council need if a mixed valuation approach was implemented?