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Asset Management Policy

Section 1 - Background and Purpose

(1) The purpose of the Asset Management Policy is to ensure the University’s assets are accounted for and managed appropriately, and in accordance with statutes, regulations, government policies and Accounting Standards.

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Section 2 - Scope

(2) This Policy should be consistently applied by the University, as well as all of its controlled entities, for both their financial reporting responsibilities and group consolidation purposes. 

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Section 3 - Policy Statement

(3) All items purchased, bequeathed or donated that meet the University’s definition of an asset for accounting purposes (guided by Australian and International Accounting standards), will be recorded and maintained on the Fixed Asset Register (using the University’s financial system). In order to manage the Fixed Asset Register accurately and efficiently, all University staff will take responsibility for the safekeeping of fixed assets within their departmental area of control.

(4) Disposal of University Assets (including sale, transfer, donation, write off or sustainable disposal) must be done in adherence with safety regulations (including the University Health and Safety Policy and the Electrical Safety Act 1998), the University’s Sustainability Governance practices, and the University’s Code of Conduct. Computer Hardware must have software and information removed prior to disposal (refer to ICT disposal policy). Note that it is not expected that University property will be donated to current or past employees or students. Donation of property to past, current or future employees may incur a fringe benefit cost.

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Section 4 - Procedure

(5) Refer to the:

  1. Asset Procedure - Contingent Assets and Liabilities Accounting
  2. Asset Procedure - Disposal/Sale
  3. Asset Procedure - Asset Definition and Asset Class
  4. Asset Procedure - Asset Purchase and Asset Under Construction
  5. Asset Procedure - Heritage
  6. Asset Procedure - Impairment of Assets Accounting
  7. Asset Procedure - Intangible Assets Accounting
  8. Asset Procedure - Investments and other Financial Assets Accounting
  9. Asset Procedure - Noncurrent Assets Held for Sale and Discontinued Accounting
  10. Health and Safety Policy
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Section 5 - Definitions

(6) For the purpose of this Policy:

  1. Asset: The Australian Accounting Standard 138.8 defines an asset as a resource that is:
    1. controlled by an entity as a result of past events; and
    2. from which future economic benefits are expected to flow to the entity.
      1. Note that ownership is not important in the definition of an asset (that is, we can hold an asset in the University’s balance sheet that is not held on University land, providing we have control over that asset).
      2. In order to have control without ownership, there must be some form of access agreement or lease in place over the land or property to guarantee our access and on-going benefit of the asset.
      3. ‘Future Economic Benefits’ refers to the University’s income earning activities. In order for something to be considered an asset, it must directly or indirectly be linked to the University’s ability to earn income.
    3. The University defines an asset as follows:

      A transaction/group of transactions that comply with the above accounting definition; and
      1. that do not meet the definition of an expense;and
      2. that as an individual unit is valued over $5,000 GST exclusive; and/or
      3. that as individual units, may cost less than $5,000 GST exclusive, but may combine to form an operating unit or network or have the same or similar nature with a combined cost of more than $10,000 GST exclusive.
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Section 6 - Stakeholders

Responsibility for implementation – Director, Budgets, Reporting and Business Support.
Responsibility for monitoring implementation and compliance – Senior Manager, External Reporting, Tax and Compliance.