Status and Details
May 2020 – The Constructed Asset Policy has had further consultation and review with the Division of Finance and Division of Facilities Management. The changes to the Policy are relatively minor and are not expected to have any impact on practice. The changes include: 1) An updated capitalisation threshold for expenditure on infrastructure and building refurbishments. This creates a single and more logical threshold across all categories of expenditure on assets up to $10,000. 2) Updated references to reflect the current Australian Accounting Standard AASB116. 3) Updated procedural elements to reflect the points of interaction between Division of Finance and Division of Facilities Management.Constructed Assets Policy
Status
Historic
Indicates if this version of the document is in effect (Current), yet to come into effect (Future), or expired (Historic).
Effective Date
13th May 2020
This is the date on which this version of the document came into effect.
Review Date
13th May 2022
The next review of this document is scheduled to commence on this date.
Approval Authority
Chief Financial Officer
The noted authority approved this is version of the document.
Approval Date
13th May 2020
This is the date on which this version of the document was approved by the authorised authority.
Expiry Date
21st December 2021
This is the date on which this version expires. It may still apply, conditionally, after this date.
Unit Head
Michelle Moore
Chief Financial Officer
This is the officer generally responsible for day to day administrative matters.
Enquiries Contact
Division of Finance
General enquiries should be directed to the officer/area listed.
Summary of Changes from Previous Version
Clauses Amended:Policy: Section 3 Clause 8 - change to the capitalisation threshold amounts in Infrastructure and Refurbishment from $100K to $10K. References to specific amounts in the capitalisation threshold have been removed from the document. Wording is replaced with ' to refer to the Capitalisation Threshold Table in clause 8. Clause 19 - updated with current Australian Accounting Standard. Clause 33 is removed: The process has changed, Facilities Management will no longer produce repairs and maintenance report. Clause 37, 38 are removed. Clause 42, 44, 45, 46, 48, 49, 50, 51, 52, 53 have been altered due to the change in process.