Application
This unit of competency specifies the outcomes required to provide advice to set up a system of asset control that applies to all property assets. It requires the ability to classify assets in line with organisational requirements.
The unit supports workers in the property industry who are involved in developing and implementing maintenance programs for all types of managed properties. It applies to real estate agents, property managers, strata managers and facility managers.
Licensing, legislative, regulatory or certification requirements apply to this unit in some States and Territories. Relevant state and territory regulatory authorities should be consulted to confirm those requirements.
Elements and Performance Criteria
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the range of conditions. | ||
1. | Determine system requirements. | 1.1. | Asset management system requirements are determined. |
1.2. | Opportunities are given to colleagues and clients to contribute to identifying system requirements. | ||
1.3. | Recommendations on system requirements are presented in required format, style and structure using relevant business equipment and technology. | ||
2. | Classify assets. | 2.1. | Assets are identified and classified. |
2.2. | Assets are recorded according to Australian accounting standards and legislative requirements. | ||
2.3. | Level of security and disclosure of financial statements are determined. | ||
2.4. | 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. | 3.1. | System effectiveness is monitored and evaluated. |
3.2. | Feedback from client and colleagues is used to identify and develop improved systems. | ||
3.3. | Existing technology is assessed against newly available technology to determine needs and priorities. | ||
3.4. | Asset information is securely maintained with due regard to client confidentiality. | ||
Evidence of Performance
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.
Evidence of Knowledge
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).
Assessment Conditions
The following must be present and available to learners during assessment activities:
equipment:
computer system with internet, email and printing facilities
specifications:
asset classification in Australian accounting standards
baseline data on assets of department or organisation
organisation’s asset management policies and procedures
guides on best practice in asset management for property-related organisations
ISO 55000 Asset management - Overview, principles and terminology
materials:
asset management software
relationship with team members and supervisor:
member of a work team in a property industry context.
Assessor requirements
As a minimum, assessors must satisfy the assessor requirements in the Standards for Registered Training Organisations (RTOs) current at the time of assessment.
Foundation Skills
This section describes the language, literacy, numeracy and employment skills essential to performance in this unit but not explicit in the performance criteria. | |
Skill | Performance feature |
Learning skills to: | maintain current knowledge of asset management systems and processes. |
Numeracy skills to: | interpret graphical and statistical data on asset management system performance. |
Oral communication skills to: | discuss and confirm asset management requirements with team members. |
Reading skills to: | interpret business documentation on asset management system needs. |
Writing skills to: | prepare complex written reports on asset management system requirements. |
Technology skills to: | use business technology to operate computerised asset management systems. |
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. |
Sectors
Property services
Competency Field
Strata community management