AnnuAl REPORT 2011-2012 - Sbs

NOTES TO THE FINANCIAL STATEMENTS
8(d) Analysis of property, plant and equipment, and intangibles (cont.)
Independent Revaluations
All non-current assets of the Corporation are at independent valuation except for intangible assets. In accordance with
AASB 116 Property, Plant and Equipment, intangibles are carried at cost if no active market exists for the Corporation’s
intangible assets.
In 2010, an independent valuation of PAN TV’s identified intangible assets was undertaken as at the date of acquisition
(4 November 2009). The identified intangible assets (trademark and contract rights) were valued at $0.353m, and
undertaken by:
– S. Ferris, Partner, Deloitte Touche Tohmatsu.
In 2012, an independent valuation of all plant and equipment (except intangible assets) was undertaken as at 30 June.
This resulted in a revaluation increment of $1.316m which was credited to the asset valuation reserve.
In 2012, an independent revaluation of leasehold improvements at Federation Square resulted in an asset revaluation
decrement of $0.393m. The asset revaluation reserve was increased by $0.364m for the decrease in the provision for
makegood – see note 1(q).
In 2012 the Corporation’s land and buildings were revalued by independent valuers resulting in an asset revaluation
reserve increment of $0.314m.
The revaluations have been implemented as follows:
– Plant and equipment were revalued at 30 June 2012;
– Leasehold improvements were revalued as at 30 June 2012;
– Freehold land was revalued as at 30 June 2012; and
– Buildings on freehold land were revalued as at 30 June 2012.
The revaluation for plant and equipment was made at fair value by an independent valuer T. Noble, AAPI, Australian
Valuation Office.
The revaluations for land and buildings were completed by independent valuers at fair value:
– T. Noble, AAPI, Australian Valuation Office – Federation Square, VIC (leasehold improvements).
– C. Fratzia, Certified Practising Valuer, Australian Valuation Office – Artarmon, NSW (land and building).
– E.J Kinch, BSc MRICS AAPI, Certified Practising Valuer, Australian Valuation Office – Craigieburn, Victoria (land).
An annual assessment is also made each year to ensure that the carrying amount of assets is not materially different
from fair valuation as at balance date. In 2012, there were no indicators of impairment for non-financial assets.
102 SBS