The department’s asset management policies and procedures emphasise whole-of-life asset management. The department undertook a number of processes in the reporting year to provide assurance as to the existence, validity and valuation of the assets held. These included:
- a stocktake to confirm the existence and location of the department’s assets
- an asset impairment review in accordance with Australian Accounting Standard 136 (Impairment of Assets) to ensure that the department only carries assets at a value above the recoverable amount
- a revaluation of the land and buildings including leasehold fit-outs as at 30 June 2014
- assessments of asset values other than land and buildings to ensure they are reported at fair value at 30 June 2014.