Elements and Performance Criteria
- Determine system requirements.
- 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.
- 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.