/ Compliance with Asset Accounting
Latrobe City Council, Victoria
In 2005, Latrobe City identified short-comings with its asset accounting methods and determined a complete re-valuation based on AAS and IFRS.
The Assetic system was setup for all asset classes – roads, footpaths, open spaces, parks, play-equipment, properties, land, bridges, stormwater and road furniture.
A systematic consumption modeling exercise was undertaken for each asset class to calculate remaining lives of assets and depreciation figures based on predictive consumption profiles.
Inventory and attributes are now held in a corporate, central Assetic asset register. Inspections are updated in the system and this enables work traceability.
New assets, gifted assets, disposed assets and upgraded assets are updated in the central system through an asset management process to allow for proper audit trails.
Capital work treatment programs and Council’s asset management plans for drainage, footpaths, roads etc are based on the predictive modeling outputs.
See notes below from the Infrastructure Manager.
Previous to adopting Assetic's systems, we planned and reported our annual infrastructure works and valuation for each asset class differently. Our auditors also indicated that they were concerned that we were manually transferring valuation information from several separate documents into the final valuation report, with the possibility of errors occurring.
Assetic's systems were utilised for recording inspections, condition, work history and reporting on our infrastructure valuations. The implementation support enabled us to develop compliant processes for various state legislations. This has resulted in a single reporting system that consolidated the separate reports into the same format. This is definitely an easier document for our internal staff and auditors to review without manual inputs.
MyPredictor assists us in producing long-term plans. MyData provided full audit trails and allowed Council to re-run reports whilst maintaining previous versions. The system is flexible and can easily be used for any type of asset recording, inventory, work management, prediction and valuation. The auditors commented that the philosophy and methods embraced by Council’s systems were the best they had ever seen.