City of Stirling Buildings Asset Managment Plan 2018 - 2028

8.0 Plan improvement and monitoring

8.1 Status of asset management practices

8.1.1 Accounting and financial data sources

Accounting standards and regulations Accounting standards and regulations applicable to the City include: • WA Local Government Act 1995 • WA Local Government (Financial Management) Regulations 1996 • AASB 116 Property Plant and Equipment • AASB 13 Fair Value Measurement. Capitalisation threshold The capitalisation thresholds for each financial asset class are shown in Table 8.1 below:

Accountabilities for financial systems

The City’s utilises TechnologyOne FinanceOne application for tracking budgets and financial reporting.

Capitalisation threshold

Fixed asset classification

Land

$1

Building

$5,000

Plant and equipment

$5,000

Mobile vehicles and plant

$5,000

Furniture and office equipment

$5,000

Recreation equipment

$5,000

Infrastructure

$5,000

Software

$50,000

Table 8.1 Capitalisation threshold table

Required changes to accounting financial systems arising from this asset management plan A review of the financial system has arisen from this asset management plan to improve the reporting of renewal/upgrade/new asset capital expenditure, reactive and planned maintenance and operating expenditure.

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