Document ID: chunk:federal_register_of_legislation:C2004C01190:clause:2_244:p6
Version: federal_register_of_legislation:C2004C01190
Segment Type: clause
Provision Reference: sch 2 cl 244 (pt 6/6)
Character Range: 174037–175057

or was required by law, to undertake an audit of those accounts had prepared and signed, before 4 August 1997, a final audit report on those accounts; and
 (c) the report did not state that the auditor was not satisfied that the specified value fairly represented the value of the asset.
The asset is taken to have had a pre‑existing audited book value at the balance date of an amount equal to the specified value.

 (2) If a balance sheet did not specify a value for the asset but specified a total value for 2 or more assets including the asset, the balance sheet is taken to have specified as the value of the asset so much of that total value as is reasonably attributable to the asset.

58‑90  Method for transition entity

  The *transition entity must, in working out the decline in value of a *privatised asset, use the *diminishing value method or the *prime cost method for the asset that it used to work out the *notional written down value, or the *undeducted pre‑existing audited book value, of the asset.