Valuation Services for Cultural Assets in Darwin and Alice Springs — 60-Month Consultancy Awarded to CBRE Valuations Pty Limited

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Department of People, Sport and Culture awarded a contract to CBRE Valuations Pty Limited for valuation services of the Agency’s non-financial cultural assets in Darwin and Alice Springs for a period of 60 months.

The contract required independent valuers to undertake formal valuations to support preparation of the Agency’s Annual Financial Statements for the year ending 30 June of each relevant financial year and to comply with Australian Accounting Standards (AASB 13 – Fair Value Measurement; AASB 116 – Property, Plant and Equipment; AASB 136 – Impairment of Assets), Treasurer’s Directions issued under the Northern Territory Financial Management Act 1995, applicable library and archival standards for heritage and information collections, and the Council of Australasian Museum Directors guidance: Australian Framework for the Valuation of Public Sector Collections for General Purpose Financial Reporting (1 November 2018).

In accordance with those standards and legislation, the contract required all assets to be subject to a formal valuation by independent valuers at least once every five years and established a rolling five-year valuation program under which collections and asset classes were divided into sub-collections and valued in annual stages.