Darwin and Alice Springs - Consultancy - Valuation Services for Cultural Assets for a Period of 60 Months

The Department of People, Sport and Culture is seeking to engage suitably qualified and experienced valuers to undertake valuations of the Agency’s non-financial assets for financial reporting purposes. The valuations are required to support preparation of the Agency’s Annual Financial Statements for the year ending 30 June of each relevant financial year and must comply with:

• Australian Accounting Standards, including:

           - 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
• Library and Archival Standards relevant to heritage and information collections
• Council of Australasian Museum Directors (CAMD) guidance: Australian Framework for the Valuation of Public Sector Collections for General Purpose Financial Reporting (1 November 2018).

In accordance with the above standards and legislation, all assets must be subject to a formal valuation by independent valuers at least once every five years.

This procurement will establish a rolling five-year valuation program, under which the collections and asset classes will be divided into sub-collections and valued in annual stages.