Guidelines for specifying which Council assets are to be capitalised, and which expensed.
The purpose of the Asset Capitalisation Policy is to provide consistent guidelines, in accordance with relevant Australian Accounting Standards, Local Government Victoria guidelines and best practice asset management, regarding which Council assets are to be capitalised (as opposed to expensed).
- States what Council's Asset Classes are, and the assets that each Asset Class contains
- Specifies the principles for recognising an asset for capitalisation
- States what measurement after recognition model Council applies to its assets
This policy only applies to non-current physical assets. This policy directs those Council officers who are charged with accounting for Council's assets and related purposes.