Policy University Management FMPM 200 - FMPM 399 - Assets FMPM 320 Plant and Equipment
FMPM 320 Plant and Equipment
- Future Students
- JCU Global Experience
- International Students
- Open Day
- How to apply
- Pathways to university
- Virtual Open Day
- Living on Campus
- Courses
- Publications
- Scholarships
- Parents and Partners
- JCU Heroes Programs
- Aboriginal and Torres Strait Islander in Marine Science
- Elite Athletes
- Defence
- Current Students
- New students
- JCU Orientation
- LearnJCU
- Placements
- CEE
- Unicare Centre and Unicampus Kids
- Graduation
- Off-Campus Students
- JCU Job Ready
- Safety and Wellbeing
- JCU Prizes
- Professional Experience Placement
- Employability Edge
- Art of Academic Writing
- Art of Academic Editing
- Careers and Employability
- Student Equity and Wellbeing
- Career Ready Plan
- Careers at JCU
- Partners and Community
- JCU-CSIRO Partnership
- Alumni
- About JCU
- Reputation and Experience
- Chancellery
- Governance
- Celebrating 50 Years
- Academy
- Indigenous Engagement
- Education Division
- Graduate Research School
- Research and Teaching
- Research Division
- Research and Innovation Services
- CASE
- College of Business, Law and Governance
- College of Healthcare Sciences
- College of Medicine and Dentistry
- College of Science and Engineering
- CPHMVS
- Anthropological Laboratory for Tropical Audiovisual Research (ALTAR)
- Anton Breinl Research Centre
- Agriculture Technology and Adoption Centre (AgTAC)
- Advanced Analytical Centre
- AMHHEC
- Aquaculture Solutions
- AusAsian Mental Health Research Group
- ARCSTA
- Area 61
- Lions Marine Research Trust
- Australian Tropical Herbarium
- Australian Quantum & Classical Transport Physics Group
- Boating and Diving
- Clinical Psychedelic Research Lab
- Centre for Tropical Biosecurity
- Centre for Tropical Bioinformatics and Molecular Biology
- CITBA
- CMT
- Centre for Disaster Solutions
- CSTFA
- Cyclone Testing Station
- The Centre for Disaster Studies
- Daintree Rainforest Observatory
- Fletcherview
- JCU Eduquarium
- JCU Turtle Health Research
- Language and Culture Research Centre
- MARF
- Orpheus
- TESS
- JCU Ideas Lab
- TARL
- eResearch
- Indigenous Education and Research Centre
- Estate
- Work Health and Safety
- Staff
- Discover Nature at JCU
- Cyber Security Hub
- Association of Australian University Secretaries
- Services and Resources Division
- Environmental Research Complex [ERC]
- Foundation for Australian Literary Studies
- Gender Equity Action and Research
- General Practice and Rural Medicine
- Give to JCU
- Indigenous Legal Needs Project
- Inherent Requirements
- IsoTropics Geochemistry Lab
- IT Services
- JCU Webinars
- JCU Events
- JCU Motorsports
- JCU Sport
- Library
- Mabo Decision: 30 years on
- Marine Geophysics Laboratory
- Office of the Vice Chancellor and President
- Outstanding Alumni
- Pharmacy Full Scope
- Planning for your future
- Policy
- PAHL
- Queensland Research Centre for Peripheral Vascular Disease
- Rapid Assessment Unit
- RDIM
- Researcher Development Portal
- Roderick Centre for Australian Literature and Creative Writing
- Contextual Science for Tropical Coastal Ecosystems
- State of the Tropics
- Strategic Procurement
- Student profiles
- SWIRLnet
- TREAD
- TropEco for Staff and Students
- TQ Maths Hub
- TUDLab
- UAV
- VAVS Home
- WHOCC for Vector-borne & NTDs
- Media
- Copyright and Terms of Use
- Australian Institute of Tropical Health & Medicine
- Pay review
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 JCU 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 JCU Statutes
Financial and Performance Management Standard 2009 (s.23)
Australian Accounting Standard AASB 116 – Property Plant & Equipment
Australian Accounting Standard AASB 136 – Impairment of Assets
Non-Current Asset Policies for the Queensland Public Sector
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 |