Recording

(1) All property, plant or equipment with a value in excess of $2,000 or more must be recorded in the agency’s asset ledger -

(a) from the introduction of the asset module of the financial management information system – in the case of assets acquired after the module is introduced; and

(b) progressively by 2010 – in the case of assets acquired before that time.

(2) All agencies shall maintain a Fixed Asset Register until the asset module of the financial management information system is implemented. Details to be recorded in the asset register should include, at a minimum -

(a) description

(b) cost or fair value

(c) date of acquisition, where known

(d) make, model and identification number, where applicable

(e) location.

(3) Assets whose value is between $200 and $2,000 must also be recorded in an Expendable Items Register.

(Financial Instructions 2005 s(54))

Recording of Assets

• The accounts officer shall be responsible for maintaining the fixed assets register. The fixed assets register shall provide the following details:
• date of acquisition (including if asset was acquired by transfer, gift or second-hand) and cost;
• description;
• serial number and model;
• location;
• other relevant information (e.g. if asset is sold or written off).
• The accounts officer must ensure that the fixed assets register is kept updated.
• Expenditure to increase the capacity or extend the useful life of an asset shall be regarded as capital expenditure and the amount included in the fixed assets register against the original asset.
• Repair and maintenance costs of a regular nature shall be treated as an expense and shall not add to the value of the asset.
• The accounts officer shall record items valued at less than $2000 but more than $200, in an expendable items register. The register shall contain the following information:
• date of purchase (including if it was acquired by transfer, gift or second-hand);
• purchase reference number;
• description of items and quantity;
• disposal method (whether written off, sold, etc.) and reference number.

• The accounts officer must ensure that the register is kept updated.
• Expendable items must only be used for official purposes and is subject to stocktakes in the same manner as fixed assets.

Each agency is required to maintain an asset register for assets valued at $2000 and above. Assets that are similar in nature may be grouped under a specific class of assets. Classes of assets are set out in the following table.

ASSET CLASS	DESCRIPTION
Furniture & Fittings	Conference Tables & Chairs Cupboards
Office Equipment	Computers Printers Photocopiers Audio-Visual Equipment
Plant & Machinery	Tractors Mechanical Equipment

The description in the asset register should include the total quantity of assets and where applicable, the individual and total cost.

Other items that cost less than $2000 shall be recorded in an expendable items register.

On the following page is a sample of what an asset register may record. A similar format may be used for recording expendable items.

ASSET CLASS: OFFICE EQUIPMENT
DESCRIPTION OF ASSET § 1 only HP Laserjet Printer 8150DN (list total quantity of asset)
ACQUISITION DETAILS
Date of acquisition: 25/10/2003 Purchase order #: 996502 Supplier: Bondwell Invoice #: 2654 Cost price: $2,500* Serial #: 000219566687-02 *List individual cost price where applicable	(If asset acquired by other means, this should be noted in the register in this column) Acquisition type: gift, transfer, trade-in Fair value: where cost price cannot be determined
DISPOSAL DETAILS
Date of disposal: Method of disposal: (gift, sale, transfer, scrap, write-off) Condition of asset: (obsolete, serviceable but unused, etc.)* (stocktake report date & reference #) *taken from the most recent stocktake report	(Fill in details where applicable) Sale price: Receipt #: Donated to: Approval reference: Transferred to: Approval reference: Written off: Approval reference: