2025 review Asset Accounting Policies

All Council policies need to be reviewed within 12 months of the Local Government Election. These six policies form part of a series on asset accounting.

Agency Asset Policy

Provides clarity on how Council should consider other agency assets (e.g. streetlights and Crown Reserves). Proposed changes are:

1. Additional entry into the example table to cover streetlight assets
2. Added related policies and overview diagram in Clause 3.1

Asset Capitalisation Policy

Provides the principles and definitions about what is considered an asset from a financial perspective. It provides clear financial thresholds based on asset class for when expenditure is considered capital. Proposed changes are:

1. Addition of clause 2.4 ‘Assets are capitalised upon closure of the project, with depreciation commencing from commissioning of the asset.’
2. Addition of definitions added for asset capitalisation, useful life, capitalisation threshold and asset componentisation.
3. Added related policies and overview diagram in Clause 3.1.

Asset Class Definitions Policy

Provides clarity on how Council should group their assets into similar classes. Proposed changes are:

1. Rename the Office Equipment class to Technology to better reflect the type of equipment within the class and avoid confusion with the Furniture and Fittings class.
2. Added related policies and overview diagram in Clause 3.1

Asset Management Policy

Governs the sustainable management of Council’s Infrastructure, Property, Plant and Equipment to meet current and future community needs under the adopted responsible spending scenario. Proposed changes are:

1. Minor administrative changes to reflect current organisational structure.
2. Strengthen Clause 1.2 by adding 'Undertaking an all-hazards approach to risk identification and ensuring that management of asset risk is within the stated risk appetite.'
3. Clarify link to climate change resilience by adding following to Clause 1.2 'Environmental impact and climate change resilience are considered in the asset management approach.'

Asset Revaluation Policy

Provides the principles and structure on how revaluations of assets should occur. Proposed changes are:

1. Added definitions of unobservable inputs
2. Updated revaluation dates in Clause 2.2 and the Appendix
3. Added related policies and overview diagram in Clause 3.1

Asset Depreciation and Impairment Policy

Provides the principles on how depreciation, fair value adjustments and impairment are managed. Proposed changes are:

1. Revised Appendix table with base useful lives across a more detailed grouping of assets.
2. Added related policies and overview diagram in Clause 3.1

Have your say

Submissions may be made:

• By completing the survey below
• By email to council@qprc.nsw.gov.au(External link) referencing "2025 review Asset Accounting Policies" in the subject line
• By mail to PO Box 90, Queanbeyan NSW 2620

Submissions close 8 May 2025.