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(1) This document outlines the lifecycle management of assets that are purchased, constructed, or loaned to RMIT. (2) Authority for this document is established by the Asset Management Procedure. (3) This guideline applies to all assets owned or controlled by the (4) The minimum capitalisation threshold for PPE is $5,000. (5) Once the total value of the PPE is confirmed, an Asset Procurement Request is submitted through Workday, which triggers an Asset Registration Event and the creation of an asset in the Fixed Asset Register maintained by Central Finance Operations. (6) Employee salary costs may only be capitalised where they directly contribute to constructing the asset (e.g. costs required to bring the asset to a condition necessary for its intended use). (7) Capital improvements to buildings that extend the asset’s useful life or increase its value must be recorded as an enhancement to the existing building asset. (8) For PPE that is donated or loaned to RMIT, the asset must be recognised at current market value, and Central Finance Operations must be notified upon receipt. (9) A full revaluation of land and buildings is conducted every three years by an independent valuer. An annual desktop revaluation is also undertaken in intervening years, with adjustments only recorded if the overall change in value is greater than +/- 10% of the total land and building carrying value. (10) A full revaluation of artwork is conducted every five years by an independent valuer. (11) Where a revaluation results in an increase or decrease in the carrying amount of an asset, the adjustment is recorded either in the Asset Revaluation Reserve or in the Profit and Loss Statement, as appropriate. (12) Ongoing major cyclical maintenance programs must be expensed and not capitalised. (13) All asset transfer requests must be submitted via the Transfer Fixed Asset ticket in ServiceNow for review and processing by Central Finance Operations. (14) At the commencement of a new contract, the responsible area must work with Central Finance Operations to assess whether the contract contains a lease component. Notification of new leases must be made in a timely manner. (15) A contract is considered a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. (16) Corresponding lease liabilities are recognised in accordance with applicable accounting standards. (17) Each responsible area must provide the following information to Central Finance Operations to enable lease capitalisation: (18) Any subsequent changes to this information must be communicated promptly to Central Finance Operations. (19) Where an asset is leased to RMIT under a peppercorn agreement, the responsible area must provide the current market value and notify Central Finance Operations. (20) Responsible areas must maintain a Leased Asset Register and make it available to Central Finance Operations for financial reporting purposes. (21) The minimum capitalisation threshold for intangible assets is $500,000. (22) Software as a Service (SaaS) arrangements, where a third party hosts and manages the application (e.g. cloud-based platforms), are generally classified as service contracts and expensed. (23) All intangible assets that are purchased, leased, or internally developed must be recorded as a separate asset class within the Intengible Asset Register maintained by Central Finance Operations. (24) An item is recognised as an intangible asset if it meets the following criteria: (25) Employee salary costs may only be capitalised as part of an intangible asset where those costs are directly attributable to bringing the asset to a condition necessary for use. (26) Central Finance Operations must confirm that the above definition and recognition criteria are met prior to creation of the intangible asset. (27) Each reporting date, responsible areas must assess their intangible assets for indicators of impairment and notify Central Finance Operations where applicable. An asset is considered impaired when its carrying amount exceeds its recoverable amount (defined as the higher of fair value less costs to sell, or value in use).Asset Management Guideline
Section 1 - Purpose
Section 2 - Authority
Section 3 - Scope
Section 4 - Guideline
Property, Plant and Equipment (PPE)
Revaluation
Change of Location, Transfer and Loan
Leased Assets
Intangible Assets