Document ID: chunk:federal_register_of_legislation:C2012A00018:clause:2_12
Version: federal_register_of_legislation:C2012A00018
Segment Type: clause
Provision Reference: sch 2 cl 12
Character Range: 69380–70998

12  The book value of a starting base asset
 (1) If, under Part 2, the book value approach is the valuation approach for an interest in an onshore petroleum project or the North West Shelf project, the book value of a starting base asset relating to the interest is the book value under subclause (2) or (3).
 (2) If:
 (a) the value of the asset is recorded in the accounts from which the most recent audited financial report before 2 May 2010 was prepared; and
 (b) the financial report relates to a financial period that ended in the 18 months preceding that day;
the book value of the asset is as follows:
where:
accepted value is:
 (a) the value recorded in those accounts, unless paragraph (b) applies; or
 (b) if that value is inconsistent with an auditor's report on the financial report—a value that is consistent with the auditor's report.
long term bond rate for the valuation period is the long term bond rate for the valuation period under subclause (4).
n is the number of days in that valuation period, divided by 365.
 (3) However, the initial book value of the asset is zero if the value of the asset is not recorded as mentioned in subclause (2).
 (4) The valuation period for the asset is the period:
 (a) starting:
 (i) on the day the financial report mentioned in paragraph (2)(a) was prepared, unless subparagraph (ii) of this paragraph applies; or
 (ii) if the value of the asset recorded in the accounts from which the financial report was produced is inconsistent with an auditor's report on the financial report—on the day of the auditor's report; and
 (b) ending at the end of 30 June 2012.