Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64 Page 65 Page 66 Page 67 Page 68 Page 69 Page 70 Page 71 Page 72 Page 73 Page 74 Page 75 Page 76 Page 77 Page 78 Page 79 Page 80 Page 81 Page 82 Page 83 Page 84 Page 85 Page 86 Page 87 Page 88 Page 89 Page 90 Page 91 Page 92 Page 93 Page 94 Page 95 Page 96 Page 97 Page 98 Page 99 Page 100 Page 101 Page 102 Page 103 Page 104 Page 105 Page 106 Page 107 Page 108 Page 109 Page 110 Page 111 Page 112 Page 113 Page 114 Page 115 Page 116 Page 117 Page 118 Page 119 Page 120 Page 121 Page 122 Page 123 Page 124 Page 125 Page 126 Page 127 Page 128 Page 129 Page 130 Page 131 Page 132 Page 133 Page 134 Page 135 Page 136 Page 137 Page 138 Page 139 Page 140 Page 141 Page 142 Page 143 Page 144 Page 145 Page 146 Page 147 Page 148 Page 149 Page 150 Page 151 Page 152 Page 153 Page 154 Page 155 Page 156 Page 157 Page 158 Page 159 Page 160 Page 161 Page 162 Page 163 Page 164121 121 Note 10: Fair value measurement 2016 $'000 2015 $'000 Category (Level1, 2 or 3) Valuation technique(s) 1 Significant Inputs Non-financial assets Land 10,000 10,000 Level 2 Market approach Sales price of comparable land Buildings 214,651 217,555 Level 3 Depreciated replacement cost Replacement cost, expected useful life, adjustments for obsolescence Infrastructure, plant and equipment 9,740 9,612 Level 2 Market approach Sales price of similar items in the market Infrastructure, plant and equipment 3,152 2,731 Level 3 Depreciated replacement cost Replacement cost, expected useful life, adjustments for obsolescence Total non-financial assets 237,543 239,898 A reconciliation of movements in asset classes has been included at Note 6. With regard to land improvements, leasehold improvements and buildings, the Commission procured valuation services in 2015-16 from Preston Rowe Patterson National Property Consultants (PRP) and has relied on valuation models provided by PRP, which are contractually required to be in line with AASB 13. The Commission reviews the assumptions and outcomes of the valuer's services to obtain comfort that the movements in fair value are reasonable and the process in accordance with AASB 13. With regard to other property, plant and equipment, the Commission procured valuation services from Pickles Valuation Services (PVS) in 2014-15, with a desktop review in 2015-16. For assets that PVS were unable to identify a market comparison an alternative approach was required. These assets were tested by a depreciated replacement cost (DRC) approach, containing Level 3 Inputs. In doing so, PVS reviewed the estimated replacement cost rates. Fair value measurements, valuation technique and inputs used AUSTRALIAN SPORTS COMMISSION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 30 June 2016 Recurring and non-recurring Level 3 fair value measurements - valuation processes 1 No changes in valuation technique occurred during the period. The highest and best use of all non-financial assets is the same as their current use.