(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))