Periodic Valuations

Approving Authority:	Council
Establishment Date:	26 March 1997
Date Last Amendment:	9 March 2006
Nature of Amendment:	General Review and Update
Date Last Reviewed:	March 2006
Publication Reference:
Contact Officer:	Director, Financial Services

1.	Preamble
	1.1 The University is required to publish financial statements which are incorporated into the Annual Report. The balance sheet which forms part of those statements is required to present fairly the state of affairs of the University at balance date. Assets recorded in the balance sheet therefore need to reflect values which satisfy this requirement.
2.	Policy 2.1 The University will ensure that its land and buildings are valued by an independent professional valuer every three years at a minimum. In the intervening years the value of land and buildings will be increased by the CPI unless it can be shown that a different rate would produce a more accurate valuation. 2.2 The Artwork and Library collections will be internally reviewed and revalued on an annual basis. The benefit to the University of an external professional valuation for these collections does not justify the cost which would be incurred.
3.	Procedures 3.1 Land and buildings 3.1.1 In the year in which valuation of land and buildings is to be undertaken, the Director, Financial Services, or nominee, will seek quotations for the valuation of all land and buildings controlled by the University. The valuation needs to be finalised in time for inclusion in the financial statements. 3.1.2 Quotations will be sought in accordance with the University’s procedures relating to tenders for goods and services. 3.1.3 The revised valuations will be reflected in the University’s accounts as required by applicable accounting standards and other mandatory requirements. 3.2 Artworks 3.2.1 Artwork will be revalued annually based on advice provided by the Director of the Art Museum. 3.2.2 The revised valuations will be reflected in the University’s accounts as required by applicable accounting standards and other mandatory requirements. 3.3 Library collection 3.3.1 The library collection will be revalued on an annual basis using a written down current cost methodology. The Director, Financial Services, or nominee, will be responsible for the revaluation which will be undertaken in conjunction with Library staff. 3.3.2 The revised valuation will be reflected in the accounts of the University as required by applicable accounting standards and other mandatory requirements. To Top