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            "text": "SHIRE OF GOOMALLING\nNOTES TO AND FORMING PART OF THE BUDGET\nFOR THE YEAR ENDED 30 JUNE 2018",
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            "text": "1. SIGNIFICANT ACCOUNTING POLICIES (Continued)",
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            "text": "(n) Fair value of assets and liabilities (continued)",
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            "text": "Market approach",
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            "text": "Valuation techniques that use prices and other relevant information generated by market transactions for identical or similar assets or liabilities."
        },
        {
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            "text": "Income approach",
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        },
        {
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            "bbox": {
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            "text": "Valuation techniques that convert estimated future cash flows or income and expenses into a single discounted present value."
        },
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            "text": "Cost approach",
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        },
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            "bbox": {
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            "text": "Valuation techniques that reflect the current replacement cost of an asset at its current service capacity."
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            "text": "Each valuation technique requires inputs that reflect the assumptions that buyers and sellers would use when pricing the asset or liability, including assumptions about risks. When selecting a valuation technique, the Shire of Goomalling gives priority to those techniques that maximise the use of observable inputs and minimise the use of unobservable inputs. Inputs that are developed using market data (such as publicly available information on actual transactions) and reflect the assumptions that buyers and sellers would generally use when pricing the asset or liability and considered observable, whereas inputs for which market data is not available and therefore are developed using the best information available about such assumptions are considered unobservable."
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            "text": "The mandatory measurement framework imposed by the Local Government (Financial Management) Regulations requires, as a minimum, all assets to be revalued at least every 3 years. Relevant disclosures, in accordance with the requirements of Australian Accounting Standards have been made in the budget as necessary."
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            "text": "(o) Financial instruments",
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            "text": "Initial recognition and measurement",
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        },
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            "text": "Financial assets and financial liabilities are recognised when the Shire of Goomalling becomes a party to the contractual provisions to the instrument. For financial assets, this is equivalent to the date that the Shire of Goomalling commits itself to either the purchase or sale of the asset (ie trade date accounting is adopted)."
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            "text": "Financial instruments are initially measured at fair value plus transaction costs, except where the instrument is classified 'at fair value through profit or loss', in which case transaction costs are expensed to profit or loss immediately."
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            "text": "Classification and subsequent measurement",
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            "text": "Financial instruments are subsequently measured at fair value, amortised cost using the effective interest rate method, or cost."
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            "text": "Amortised cost is calculated as:"
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            "text": "",
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                    "text": "the amount in which the financial asset or financial liability is measured at initial recognition;",
                    "marker": "(a)"
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                    "text": "less principal repayments and any reduction for impairment; and",
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                    "text": "plus or minus the cumulative amortisation of the difference, if any, between the amount initially recognised and the maturity amount calculated using the effective interest rate method.",
                    "marker": "(c)"
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            "text": "Page 12",
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