Elements and Performance Criteria
- Determine asset classification and identification
- Determine asset register format on basis of current needs and business plan in accordance with company requirements
- Select a compatible classification system that meets asset accounting and asset management needs in accordance with company requirements
- Determine value thresholds for assets to be recorded in the asset register in accordance with company requirements
- Record and value assets
- Identify and record specified details of all material assets in accordance with the asset management policies and procedures
- Record all assets in compliance with legislative and company requirements
- Determine condition of each asset in accordance with manufacturers specifications and legislative and company requirements
- Determine useful/residual life of each asset in accordance with manufacturers specifications and company requirements
- Calculate current value of each asset based on valid and reliable information in accordance with legislative and company requirements
- Maintain asset management system
- Update records continuously to record asset purchases, loss, damage or disposal in accordance with company requirements
- Conduct periodic audits to ensure accuracy of asset register in accordance with company requirements
- Review asset management system periodically to ensure it is supporting business needs in accordance with company requirements
- Provide training to support effective management and maintenance of the asset register in accordance with company requirements