Zoological Parks Authority - Parliament of Western Australia - The ...

Zoological Parks Authority ANNUAL REPORT 2012
Disclosures and Legal Compliance
Financial Statements
Zoological Parks Authority
Notes to the Financial Statements for the Year Ended 30 June 2012 continued
2012 2011
$ $
25. Property, plant and equipment, infrastructure continued
Works of art:
At fair value 194,668 200,790
Accumulated depreciation – –
Total Works of art 194,668 200,790
Total Plant & equipment 1,155,612 1,256,110
Total Property, plant and equipment, infrastructure 38,233,232 35,007,657
Land and buildings were revalued as at 1 July 2011 by the Western Australian Land Information Authority (Valuation Services). The valuations were performed during
the year ended 30 June 2012 and recognised at 30 June 2012. In undertaking the revaluation, fair value was determined on the basis of current use of the land and
determined by reference to depreciated replacement cost of the buildings and improvements. The valuer performs a physical site inspection every three years of buildings
and improvements, with the most recent site inspection occurring during the year ended 30 June 2009. The cost of acquisitions between the physical inspection every
three years is considered to approximate their fair value.
Works of art is recognised in the financial statements at its fair value. Fair value is determined by reference to recent market transactions and the valuation is performed
every three years with the most recent valuation carried out during the year ended 30 June 2009 by Bonhams and Goodman. The cost of acquisitions between
revaluation periods is deemed to approximate their fair value.
Assets other than land, buildings and improvements and works of art are valued at the cost of acquisition.
Refer also note 2(g) ‘Property, plant and equipment, infrastructure’.
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