34. Recognition as an asset

An item of nationally significant infrastructure expenditure incurred by the Government may be capitalised using estimated amounts but only where this can be measured reliably.

An item of nationally significant infrastructure expenditure that is capitalised in a financial year in any circumstances described in paragraph (1) or regulation 33(1) —

is subject only to depreciation, impairment loss and disposal; and

must not be subsequently adjusted by an increase in any later financial year except on a reversal of impairment loss.

To avoid doubt, paragraph (2) does not prevent any of the following adjustments so as to ensure a complete and accurate capitalisation in accordance with this Part:

an adjustment in a financial year to any item of nationally significant infrastructure expenditure that is capitalised in the same financial year;

a downward adjustment in a financial year to any item of nationally significant infrastructure expenditure that is capitalised in an earlier financial year.

An item of nationally significant infrastructure expenditure incurred by the Government may be capitalised using estimated amounts but only where this can be measured reliably.

An item of nationally significant infrastructure expenditure that is capitalised in a financial year in any circumstances described in paragraph (1) or regulation 33(1) —

is subject only to depreciation, impairment loss and disposal; and

must not be subsequently adjusted by an increase in any later financial year except on a reversal of impairment loss.

To avoid doubt, paragraph (2) does not prevent any of the following adjustments so as to ensure a complete and accurate capitalisation in accordance with this Part:

an adjustment in a financial year to any item of nationally significant infrastructure expenditure that is capitalised in the same financial year;

a downward adjustment in a financial year to any item of nationally significant infrastructure expenditure that is capitalised in an earlier financial year.