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Provision of independent expert valuation advice for the 2018-19 to 2020-21 financial years, with respect to:
the fair value of assets for financial reporting purposes in accordance with the Public Governance, Performance and Accountability (Financial Reporting) Rule 2015 (FRR) and Australian Accounting Standards (particularly AASB 13 Fair Value Measurement, AASB 116 Property, Plant and Equipment and AASB 138 Intangible Assets) including remaining useful lives, indicators of impairment and valuation method
the replacement value of assets for insurance purposes
advice on factors to determine whether the carrying value of each asset class will continue to approximate its fair value between scheduled valuations
valuation advice for assets acquired for no consideration, where required
other related asset valuation advice, if required.
The valuation should be conducted using the most cost-effective approach that is appropriate to the asset class noting the diverse and specialised nature of administered assets which are held the Indian Ocean Territories, Jervis Bay Territory and Norfolk Island.
Work must be performed by qualified valuation professionals, including expertise in the valuation of artwork and assets of heritage and cultural significance.
Potential tenders should ensure they have capacity to travel to the Indian Ocean Territories, Jervis Bay Territory and Norfolk Island if required.
Potential tenders should also be available for additional ad-hoc revaluation requests from the Department during FY2018-19 to 2020-21.
The successful tenderer must also be able to respond to audit requests with respect to valuation advice.
Final Valuation Reports are due as below:
FY2018-19 - due 29 March 2019
FY2019-20 - due 31 March 2020
FY2020-21 - due 31 March 2021