Valuation of Parks Assets for Financial Reporting Purposes

Xyst was engaged by Council to undertake a valuation of specified Land Improvement Assets. These standards were valued on the basis of Fair Value and being in accordance with Australian and International Accounting Standards. This valuation covered assets such as signs, bins, synthetic sports fields, playgrounds and others. Xyst then undertook a field-based asset inventory and condition assessment for sports assets, parks and community centre playgrounds to provide data for current assists. A useful life was then assigned to each asset based on benchmarking from other councils and Yardstick. A current replacement cost was also identified the same way. Following the valuation, considerations were provided to Council regarding the assets.

Project Benefit

Xyst undertook the valuation of specified Park Assets held by Council for financial reporting purposes.
Client organisation
North Sydney Council
Asset Management