Policy University Management FMPM 200 - FMPM 399 - Assets FMPM 320 Plant and Equipment
FMPM 320 Plant and Equipment
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Intent
This policy sets out the requirements relating to the acquisition, management, recording and disposal of plant and equipment.
Scope
Function | Responsibility of |
---|---|
Cost Determination Threshold | Finance Committee |
Revaluation Threshold | Finance Committee |
Acquisition of a capital asset | Financial Delegate |
Management of a capital asset | Head of Organisational Unit |
Identification of a capital asset excess to the Organisational Unit's requirements | Head of Organisational Unit |
Disposal or write off of a capital asset | Financial Delegate |
Asset Impairment | Head of Organisational Unit |
Maintenance of a capital asset register | Chief Financial Officer |
Definitions
general
cost determination
categorization
depreciation
accumulated depreciation
written down value
gain or loss on disposal
Policy
Requirements
It is the responsibility of Finance Committee to approve the cost determination threshold for accounting for assets as Plant and Equipment (refer FMPM 321: Authorised Limits - Plant and Equipment).
It is the responsibility of Finance Committee to approve the Revaluation threshold (refer FMPM 321: Authorised Limits - Plant and Equipment).
The acquisition of a capital asset must be in accordance with the FMPM 710: Policy - Purchasing and FMPM 322: Procedures - Acquisitions of Plant and Equipment.
The Organisational Unit controlling the capital asset must ensure that the asset is:
properly maintained in order to maximise the period of effective use;
protected from loss; and
deployed in an effective and efficient manner.
A capital asset must not be used for private purposes by an employee unless approved by the Head of the Organisational Unit responsible for the asset subject to One-up Authorisation (Also refer 番茄社区 Code of Conduct).
The Head of the Organisational Unit must identify all capital assets excess to the Organisational Unit's operating requirements at least annually and dispose of them in accordance with FMPM 323: Procedure - Disposal of Plant and Equipment).
The disposal of a capital asset to any employee or associate of the University must not disadvantage the University.
It is the responsibility of the Head of the Organisational Unit to determine, on an annual basis, if any of the University’s assets under their control are impaired, and to subsequently notify the Chief Financial Officer.
A register of all capital assets with a value in excess of the cost determination threshold as stated in FMPM 321: Authorised Limits - Plant and Equipment, must be maintained and must contain sufficient information to:
identify and locate each asset;
identify the components of each asset;
calculate depreciation in accordance with the approved accounting policy;
calculate revaluation amounts in accordance with the approved accounting policy;
record impairment; and
calculate the gain or loss for each asset disposal.
Related documents, legislation or 番茄社区 Statutes
For enquiries in relation to this FMPM Policy please contact corporatefinance@jcu.edu.au.
Administration
NOTE: Printed copies of this policy are uncontrolled, and currency can only be assured at the time of printing.
Approval Details
Policy Domain | University Management |
Policy Sub-domain | Finance |
Policy Custodian | Chief Financial Officer |
Approval Authority | Vice Chancellor |
Date for next Major Review | 08/2018 |
Revision History
Version | Approval date | Implementation date | Details | Author |
---|---|---|---|---|
15-01 | 09/09/2015 | 10/09/2015 | Policy Sponsor and Approval Authority updated to reflect the approved Policy and Delegations Framework | Quality Standards and Policy Unit |
11-01 | 18/08/2011 | 18/08/2011 | Finance Committee (06/11) | |
08-01 | 08/2002 | 08/2002 |