Professional valuation services - Standing Offer Arrangement
This bulletin provides contact details to local governments for a 'Standing Offer Arrangement' for the provision of professional valuation services. In addition, a link to valuation tools including sample engagement letters is provided.
In response to a recommendation contained in the Auditor-General's report to Parliament Number 10 for 2012-13, the department has been working with the Department of Natural Resources and Mines (DNRM) to provide local governments with access to a Standing Offer Arrangement (SOA) to facilitate the engagement of professional valuers for asset valuations.
Standing Offer Arrangement - DNRM1304 (from 1 February 2014 to 31 January 2017)
This arrangement is now available to local governments and state government agencies. However, as local governments do not have access to the Queensland Government's Procurement portal, the following information is provided:
Approved providers under DNRM1304 for Service Category Three - Financial Reporting Valuers;
- APV Valuers & Asset Management
- Herron Todd White
- Ranbury Management Group.
The procurement of valuation services under SOA DNRM1304 falls within the definition of Local Government Regulation 2012, section 235(f). Therefore, local governments do not need to seek tenders or quotes when contracting these approved providers within the terms of the offer.
Non-Current Asset Valuation Tools
Queensland Treasury and Trade have prepared a number of useful tools to assist Queensland Government agencies with undertaking asset valuations. These tools are suitable for use by local governments, with some minor modifications.
The tools can be accessed at the Queensland Treasury and Trade website.
Local governments that choose to use the sample valuation letters will need to remove all references to Queensland Treasury and Trade's Non-Current Asset Policies for the Queensland Public Sector. These policies apply to Queensland Government agencies, but do not apply to local government.
All references to AASB 13 Fair Value Measurement should be retained. Local governments need to obtain financial reporting valuations that comply with this standard.
Queensland Treasury and Trade's NCAP 3 - Valuation of Assets also contains useful guidance that may be utilised by local government. It can be accessed at the Queensland Treasury and Trade website.
As previously identified, the NCAPs are not mandatory for local governments, and therefore do not need to be followed. However, AASB 13 must be applied in the general purpose financial statements of all local governments in Queensland.
Any further enquiries on this matter should be addressed to:
Ms Samantha Cieslar
Principal Project Officer
Department of Local Government, Community Recovery and Resilience
PO Box 15009, City East QLD 4002
Phone: 07 3452 6721