❓ Mr. Zempilas questions Landgate's compliance with accounting standards for valuations, following an Auditor General's report. The government asserts compliance, acceptance of recommendations, and alignment with revised accounting standards.
AnsweredQoN 1616Legislative Assembly
QuestionView source ↗
The Office of the Auditor General's (OAG) Report on Financial Audit Results – State Government 2025 released on 3 December 2025 recommends that Landgate valuations should comply with accounting standards so they are useful and cost effective for financial reporting purposes, by including professional and project management fees as part of their valuations. Can the Minister please advise: (a) Why Landgate did not comply with the accounting standards relating to professional and project management fees as referred to by the OAG; (b) Does this mean that their valuations were not useful or cost effective as stated by the OAG; (c) If they were useful and cost effective, is the OAG wrong in making this finding; (d) Will Landgate now comply with the relevant accounting standard; (e) If so, by when; (f) If not, why not; (g) What have been the material consequences of not complying with this accounting standard; and (h) What are likely to be the material consequences of complying with this accounting standard?
AnswerView source ↗
Answered
17 February 2026
Responded by
Minister for Planning and Lands
Response time
1 days
(a-h)
The Cook Government is focus on unlocking land to deliver housing supply to all West Australians, whether that be private, social or affordable housing.
The valuation methodology adopted by Landgate complies with accounting standards.
Landgate has accepted all recommendations within the OAG’s report.
The change to valuation methodology was in response to the revised accounting standard that took effect 1 January 2025, which agencies are obliged to comply with.
The Cook Government is focus on unlocking land to deliver housing supply to all West Australians, whether that be private, social or affordable housing.
The valuation methodology adopted by Landgate complies with accounting standards.
Landgate has accepted all recommendations within the OAG’s report.
The change to valuation methodology was in response to the revised accounting standard that took effect 1 January 2025, which agencies are obliged to comply with.
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