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Term
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Definition
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Acquisition cost
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Usually, the cost of a piece of equipment plus freight and installation. In the case of donated items, a fair value should be estimated, taking into account age, condition and value of similar items.
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Asset number
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A unique numerical identifier which is allocated to all capital asset equipment, and portable and attractive items.
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Capital assets
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Any non-consumable item owned by the department that contributes to the department's objectives for more than one year, has an acquisition cost of $5,000 or more (GST exclusive), and is recorded in both OneSchool Asset Register and the department’s central SAP Asset Register.
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Depreciable amount
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The acquisition cost of an asset, or other amount substituted for cost, less its residual value.
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Depreciation
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The depreciable amount of an asset allocated over the asset’s useful life.
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Disposal
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The physical removal of the asset from the premises.
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Equipment
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Any non-consumable physical item that contributes to the department's objective for more than one year (that may include capital assets and portable and attractive items) and is not land, buildings or infrastructure.
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Equipment register
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The SAP Asset Register used by business units.
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Fraud
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The use of deceit to obtain an advantage or avoid an obligation. Further, fraud is criminal deception, and/or the use of false representation to gain an unjust advantage.
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Fair-Value
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The price that would be received to sell an asset between market participants at the measurement date.
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Gifts and donations
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Any property, plant or equipment gifted or donated to the department with nil consideration including, but not limited to, land, buildings, ICT equipment or works of art. The gifted or donated item must be recorded on the department's central SAP Asset Register and recognised at fair value at the date of receipt.
Any property, plant or equipment gifted or donated to departmental employees, please refer to Gifts and benefits (DoE employees only).
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Portable and attractive items
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Non-consumable items valued between $500 or more (GST exclusive), but less than the department's capitalisation threshold of $5,000 (GST exclusive) and is susceptible to theft or loss due to their portable nature and attractiveness for personal use or resale. Examples include computers and mobile phones.
An item is considered portable if it can be easily carried or moved (e.g. an item would be considered portable if it could easily fit in a backpack: it would not be considered portable if it requires more than one person to carry it).
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Residual value
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Estimated amount that an entity would currently obtain from disposal of the asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
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SAP Asset Register
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A component of the department’s financial and accounting software. This register holds records of all capital assets in schools and accountable equipment in business units.
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Stocktake
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The physical verification of accountable equipment compared to the record of assets on the department's SAP Asset Register at a given point in time and to perform the steps if the asset is not fit for purpose. Stocktakes occur annually. For more information refer to How to perform asset stocktake in regions and central office (DoE employees only).
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Write off
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Recording and approving the loss of an asset because it is missing, damaged or has been stolen etc.
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Written down value
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The acquisition cost less accumulated depreciation or expired life (months)/total life (months) x cost.
For example, a computer costing $5,000 has a life of 5 years (60 months) and the written down value after 4 years (48 months) is calculated thus:
48 months/60 months x $5,000 = $4,000, therefore written down value is $5,000 ‑ $4,000 = $1,000.
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