2016-06-29 Special Meeting Agenda

                                                                                 Council Policy
                                                              NON-CURRENT ASSET
                                                              ACCOUNTING POLICY
    Corporate Plan Reference:                   Looking after community assets

    Endorsed by Council:                        <Insert Date of Ordinary Meeting >

    Policy Author:                              Manager Financial Services

POLICY BACKGROUND

Council is responsible for the management of a significant value of diverse 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 in
the future.

The purpose of this policy is to provide a framework for the capture, recognition and control of
Councils non-current assets based on legislative requirements and in support of Council 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 branches and business units of Council.

Objective

The objectives of this policy are to ensure:

     Compliance with prescribed legislation and Australian Accounting Standards.
     Accounting principles are followed by Council employees when identifying, recognising,
      recording and valuing Council’s property, plant and equipment.
     All processes undertaken in relation to the content of this policy are appropriately documented
      and defensible to external audit.
     All asset movements are recorded in the financial asset register on a timely basis
     Capital works in progress balances are cleared no later than 3 months after practical completion,
     That the Corporate Asset Register is the point of truth for both financial and asset management.
     Assets are indexed between years of full revaluation where unit rates have changed materially.


Non-Current Assets

1       Asset Classes

A ‘class’ of non-current assets is a grouping of assets of a similar nature and use in an entity’s
operations and which, for the purposes of disclosure, is shown as a single item in the financial report.
The classes of property, plant and equipment assets are:




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