Bulletin Board - Review and Comment
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(1) RMIT is required under Australian Accounting Standards to maintain an accurate and up-to-date fixed asset register. Stocktakes are a key internal control to: (2) These instructions set out the principles, responsibilities, and steps involved in conducting a stocktake of RMIT’s fixed assets. (3) Authority for this document is established by the Asset Management Procedure. (4) RMIT conducts a rolling three-year stocktake cycle covering assets recorded in the fixed asset register with a net book value (NBV) over $50,000, specifically: (5) Each eligible asset is stocktaken once every three years, except aircraft, which are stocktaken annually due to their value and operational risk. (6) The following asset classes are excluded from regular stocktake, as their verification occurs through separate processes such as valuations or project oversight: (7) Assets with a nil book value (fully depreciated) are reviewed annually. Any asset carried at nil book value for five years or more will be written off unless the relevant operational area requests its retention and advises Central Finance Operations accordingly. This provision generally applies to the Equipment, Furniture & Fittings and Library Collection asset classes. (8) Central Finance Operations (12) Review, Sign-off, and Submission (13) Review and action by Central Finance Operations (14) For assistance or clarification, please contact Central Finance Operations using a general Finance Enquiry via ServiceNow.Asset Stocktake Instruction
Section 1 - Purpose
Section 2 - Authority
Section 3 - Scope
Section 4 - Roles and Responsibilities
Top of PageSection 5 - Stocktake Process
Top of PageSection 6 - Questions or Support