Note 26. Assets Held for Sale

Due to a change in the Whole of Government vehicle leasing arrangements with SG Fleet, from 23 April 2015 all such leases for the Directorate will be classified as operating leases rather than finance leases.  As such there are no vehicles classified as plant and equipment held for sale as at 30 June 2015.

 

2015
$’000

2014
$’000

Plant and Equipment Held for Sale

-

29

Total Assets Held for Sale

-

29

Fair Value Hierarchy

Details of the Directorate’s assets held for sale at fair value and information about the Fair Value Hierarchy as at 30 June 2015 are as follows

Classification According to Fair Value Hierarchy

 

Level 1

Level 2

Level 3

Total

2015

$’000

$’000

$’000

$’000

Assets Held for Sale at Fair Value

 

 

 

 

Plant and Equipment

-

-

-

-

 

-

-

-

-

Details of the Directorate's assets held for sale at fair value and information about the Fair Value Hierarchy as at 30 June 2014 are as follows

Classification According to Fair Value Hierarchy

 

Level 1

Level 2

Level 3

Total

2014

$’000

$’000

$’000

$’000

Assets Held for Sale at Fair Value

 

 

 

 

Plant and Equipment

-

29

-

29

 

-

29

-

29

The Fair Value Hierarchy is discussed in Note 28: Property, Plant and Equipment.

Transfers Between Categories

There were no transfers between Levels 1, 2 and 3 during the current and previous reporting period.

Valuation Techniques, Inputs and Processes

Level 2 fair values of assets held for sale are derived using the market approach.  These assets have been written down to fair value less costs to sell.  Fair value has been determined by reference to market evidence of sales prices of comparable assets.  Assets held for sale represent a non-recurring fair value measurement.