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The ABS’ asset management policies are set out in the Accountable Authority Instructions and supporting financial management procedures, which is in accordance with relevant accounting standards and Department of Finance requirements. Further details on the ABS’ asset policies are contained in note 2.2 of the Financial Statements.
An asset register records details of all assets held by the ABS. An annual stocktake is conducted to ensure the accuracy and completeness of the information held on the register. The capital management plan sets out the ABS’ longer-term asset requirements and funding sources for ongoing asset replacement and investment. The capital budget process is integrated with strategic planning and is conducted in conjunction with the annual operating budget process.