Meeting papers

ATTACHMENT 12 - NON-CURRENT ASSET ACCOUNTING POLICY


                                                                               Council Policy
                                                            NON-CURRENT ASSET
                                                            ACCOUNTING POLICY
 Corporate Plan Reference:                    Theme 5: Excellence

                                              Objective 5.2: Continue to deliver a financially
                                              sustainable Council that has the Provider resources
                                              now and into the future to achieve its strategic
                                              objectives. This will be supported through the
                                              introduction of enhanced sustainability reporting and
                                              performance indicators, as well as ESG (environment
                                              social and governance) accounting practices as guided
                                              by statutory requirements.

 Endorsed by Council:                         30 June 2025

 Policy Author:                               Financial Services Manager

POLICY BACKGROUND

Council is responsible for the management of infrastructure and assets on behalf of the Noosa Shire
community. Council recognises that these assets must be appropriately managed so that they can
continue to deliver services to the community in a sustainable manner.

The purpose of this policy is to provide a framework to regulate and provide guidance regarding the
identification, recognition and measurement of non-current assets to ensure compliance with the
Local Government Act 2009, Local Government Regulation 2012 and applicable Australian
Accounting Standards.

A number of non-current asset related guidelines have been developed to support the interpretation
of and compliance with this policy.

COUNCIL POLICY

Scope

This policy including the associated guidelines applies to all asset accounting related activities for
items of property, plant and equipment and intangible assets as disclosed in Council’s Statement of
Financial Position.

This policy will apply to all Council employees and relevant contractors. Specifically, the policy is
directly applicable to asset custodians and Council officers who have asset management and asset
accounting responsibilities. This policy will be applicable when performing the following functions:
•      Acquiring, constructing, or developing a non-current asset
•      Accounting for costs incurred in maintaining a non-current asset
•      Renewing, replacing or enhancing the service potential of a non-current asset
•      Revaluing non-current assets
•      Disposal of non-current assets
•      Accounting for the depreciation or amortisation of non-current assets
•      Reporting and disclosing non-current assets
•      Establishing the useful life and residual value of non-current assets


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