Department wide
To ensure the consistent recognition, identification, safeguarding and recording of assets across the department.
Assets are property, plant or equipment that are owned by the department and have a future economic value that can be measured reliably.
Principle
What this means for the department
Accountability
The department recognises and reports assets promptly and accurately and in accordance with Australian Accounting Standards.
The department effectively manages risks associated with assets through preventive and detective controls.
The department will apply the provisions of the Financial Accountability Handbook, in particular, Information Sheet 3.9 – Asset Systems, to recognise, assess, record and safeguard assets and receivables.
The department will apply the provisions of the Non-Current Asset Policies for the Queensland Public Sector (NCAP).
Effectiveness
Assets are used in accordance with departmental objectives and controls.
Performance
The department manages assets to maximise return on investment.
Sustainability
The department proactively manages its current and future asset requirements.
Term
Definition
Carrying value
Cost of an asset less accumulated amount of depreciation or amortisation.
Future economic benefit
Potential to contribute, directly or indirectly, to the flow of cash, or used to provide goods and services in accordance to the department’s objectives.
Impairment test
Assessment of an asset to test whether the value of the asset has a permanent reduction.
Intangible asset
An asset that is not physical in nature, for example, intellectual property.
Recoverable amount
Asset's fair value (market value) less cost to sell.
Rent-free lease
An agreement developed in law as a lease for which there is not a stipulated rental payment or where the rental payment meets the minimum consideration required in law to validate a contract ($1 per annum). This is also commonly known as a 'peppercorn lease'.
Revaluation
Process to accurately describe the true value of capital assets owned by the department.
Right of access
Any contract through which the department has gained access to a facility controlled by an external entity for education purposes by means of a formal contract.
Australian Accounting Standards, in particular:
Previous seven years shown. Minor version updates not included.
1.0 Assets Policy
For further information, please contact: Finance Branch through the Services Catalogue Online (DoE employees only). Customers and users external to the department should email financialreporting.finance@qed.qld.gov.au
Uncontrolled copy. Refer to the Department of Education Policy and Procedure Register to ensure you have the most current version of this document.
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