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The current value of a non-current asset of a local government is the loss
that it would incur if it were deprived of the asset’s utility (or service
potential). (Synonymous with ‘deprival value’.)
The amount for which an asset could be exchanged, or
a liability settled, between knowledgeable, willing
parties in an arm's length transaction.
IIMM
Fair Value is "the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties, in an arms length transaction." This is equivalent to the market value of the asset where one exists. If there is no market the fair value can be determined on a cost of acquisition basis.
LGAM
Fair Value is the best estimate of the price reasonably obtainable in the market at the date of valuation where a market exists. This is often not the case for existing infrastructure assets, in which case fair value is depreciated replacement cost.