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"Whilst Council has control over the Eureka Flag, it has not been included in the financial statements as uncertainty exists as to the appropriateness of its carrying value. This is due to the unique nature of this asset and the absence of a market value"
The external auditor of the City was satisfied with this treatment and did not issue a qualified audit opinion in auditing the accounts for the financial year ending 30 June 2000.
*Adapted from Carnegie (2005)
REQUIREMENTS
After considering the following potential issues in this case:
o Heritage assetso Non-current assetso Asset definitiono Asset recognitiono Public sector accounting
Prepare a report of no more than 1500 words, addressed to the Chief Executive Officer of the City of Ballarat, discussing whether you believe the treatment of the Eureka Flag, as outlined about, is appropriate. Justify your views by reference to any relevant accounting theories and pronouncements.
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