Is it necessary to determine the fair value of newly constructed and donated assets when cost information is available, and should an external expert be used for this valuation?

The Public Sector Accounting Forum (PSAF) considered the initial measurement of newly constructed or donated assets acquired through a non-exchange transactions. According to GRAP 17.18, when an asset is acquired through a non-exchange transaction, its cost shall be measured at its fair value as at the date of acquisition.

The PSAF noted that while the Standard requires assets received in a non-exchange transaction to be initially measured at fair value, it does not mandate the use of an external expert for this valuation.