City of Stirling Transport Asset Managment Plan

8.0 Asset management practices

This section outlines the decision-making tools the City currently uses to determine long-term maintenance, renewal and upgrade expenditure for its transport network assets.

8.1 Accounting/financial systems The City’s financial system is TechnologyOne’s FinanceOne. TechnologyOne offers an integrated system used for all financial and accounting activities. The system operates on Windows platform, with employees across the City having access on a needs basis. The Finance Service business unit operates the system, with other departments utilising it for project creation, capitalisation, revaluations, purchasing, invoicing, budget control, and reporting. Records are generally kept at a fairly high level. The Local Government (Financial Management) Regulations 1996 require the following accounting principles be met: • Unless otherwise specified by the regulation, all local governments must ensure that all accounting records, accounts and financial statements are prepared and maintained in accordance with all relevant Australian Accounting Standards

• All local governments must undertake a revaluation of all material non-current assets in accordance with the requirements of the Australian Accounting Standards AASB 116. The relevant accounting standard covers the recognition, value, revaluation, depreciation and disposal of assets. The financial processes and systems acknowledged in this plan are developed within the framework set by these standards and policies.

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