Google Links

Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

1. Determine system requirements.
   • Asset management system requirements are determined.
   • Opportunities are given to colleagues and clients to contribute to identifying system requirements.
   • Recommendations on system requirements are presented in required format, style and structure using relevant business equipment and technology.
2. Classify assets.
   • Assets are identified and classified.
   • Assets are recorded according to Australian accounting standards and legislative requirements.
   • Level of security and disclosure of financial statements are determined.
   • Reliable processes for classifying and recording assets are used, making efficient use of business technology and available time and resources.
3. Monitor and report on asset management system.
   • System effectiveness is monitored and evaluated.
   • Feedback from client and colleagues is used to identify and develop improved systems.
   • Existing technology is assessed against newly available technology to determine needs and priorities.
   • Asset information is securely maintained with due regard to client confidentiality.

Range Statement

This section specifies work environments and conditions that may affect performance. Essential operating conditions that may be present (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) are included. Bold italicised wording, if used in the performance criteria, is detailed below.
Asset management system must be either:	computer-based manual.
Assets must include at least one of the following:	intangible assets: goodwill human capital intellectual property tangible assets: buildings business and marketing contracts equipment furniture goodwill land property vehicles.
Asset information must include at least two of the following:	historical data insurance key personnel lines of responsibility maintenance schedules operating environment of organisation, including financial markets, competitors, core business activities, functions and stakeholders property management reports register of assets reports and relevant documentation residual life of assets.

---

Performance Evidence

A person demonstrating competency in this unit must satisfy all of the elements, performance criteria, foundation skills and range of conditions of this unit.

The person must also set up a system that applies to all property assets of a department or organisation operating in the property industry. The system established can be manual, or it can be a computerised system using commercially available software.

In doing the above, the person must:

determine the department or organisation’s asset system requirements through consultation and analysis of business and operational plans

classify and record assets using Australian accounting standards

apply knowledge of legislative requirements and department or organisation’s practices and ethical standards associated with setting up a system of control that applies to all property assets

monitor and report on effectiveness of the asset management system.

---

Knowledge Evidence

A person demonstrating competency in this unit must demonstrate knowledge of:

difference between tangible and intangible assets

asset management principles

asset management software systems, including their types, sources of information, and functions

department or organisation’s asset management policies and procedures

key provisions of ISO 55000 Asset management - Overview, principles and terminology

limitations of own work role, responsibilities and professional abilities in relation to maintaining an asset management system

key financial record-keeping standards, practices and codes

required asset financial record-keeping manuals

relevant Australian standards and legislation, including Australian accounting standards

key requirements of federal, state or territory legislation and local government regulations relating to asset management, including:

environmental issues

financial probity

property sales, leasing and management

work health and safety (WHS).

---