2017-06-06 Services & Organisation Committee Agenda

SERVICES & ORGANISATION COMMITTEE MEETING AGENDA     6 JUNE 2017


                                                   ATTACHMENT 1




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SERVICES & ORGANISATION COMMITTEE MEETING AGENDA                                       6 JUNE 2017

                                                                                   ATTACHMENT 1
   |_¢ ) |     NOOSA                                                        Council Policy
    x          Keene                                       NON-CURRENT ASSET
                                                            ACCOUNTING POLICY

    Corporate Plan Reference:                 Looking after community assets
    Endorsed by Council:                     XX June 2017
    Policy Author:                            Manager Financial Services

   POLICY BACKGROUND

   Council is responsible for the management of infrastructure and assets on behalf of the Noosa
   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 for the capture, recognition and control of
   Council’s non-current assets based on legislative requirements and in support of effective and
   effective asset management.

   COUNCIL POLICY

   Scope
   This policy 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 activities.

   Objective
   The objectives of this policy are to:
   °    Maintain compliance with prescribed legislation and Australian Accounting Standards;
   °    Ensure accounting principles are followed when identifying, recognising, recording and valuing
        Council’s property, plant and equipment;
   °    Ensure all processes undertaken in relation to the content of this policy are appropriately
        documented and defensible to external audit;
   °    Ensure all asset movements are recorded in the financial asset register on a timely basis;
   °    Make sure capital works in progress balances are cleared no later than 3 months after practical
        completion of works;
   °    Ensure that Council’s asset register is the point of truth for both financial asset management;
        and
   °    Make sure that asset values are indexed between years of full revaluation where construction
        unit rates have changed materially.

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