Toowoomba Regional Council
Notes to the Financial Statements
for the year ended 30 June 2016
Note 13. Fair Value Measurements
Council measures and recognises the following assets at fair value on a recurring basis:
- Land
- Site Improvements
- Buildings
- Road and Bridge Network
- Water
- Sewerage
- Drainage
- Aerodromes Infrastructure
- Equity Investments
Council does not measure any liabilities at fair value on a recurring basis.
Council has assets and liabilities which are not measured at fair value, but for which values are disclosed in other
notes.
Council borrowings are measured at amortised cost with interest recognised in profit or loss when incurred.
The fair value of borrowings disclosed in Note 16 is provided by the Queensland Treasury Corporation and
represents the contractual undiscounted cash flows at balance date (Level 2).
The carrying amounts of trade receivables and trade payables are assumed to approximate their fair values due to
their short-term nature (Level 2).
The fair value of assets and liabilities must be estimated in accordance with various Accounting Standards for
either recognition and measurement requirements or for disclosure purposes.
AASB 13 requires disclosure of fair value measurements by level of the following fair value measurement
hierarchy:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability
either directly or indirectly.
Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The following table categorises fair value measurements as either Level 2 or Level 3 in accordance with AASB 13.
Council does not have any assets or liabilities measured at fair value which meet the criteria for categorisation as
Level 1.
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TOOWOOMBA REGIONAL COUNCIL Annual Report 2015 - 2016
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