Defence manages $112.3 billion of total assets. This comprises approximately:

• $71.6 billion of specialist military equipment
• $28.2 billion of plant, land, buildings and infrastructure
• $7.5 billion of inventory
• $0.5 billion of heritage and cultural assets
• $4.5 billion of other items, including cash, receivables, prepayments and intangibles.

Defence Groups and Services are accountable for the underlying business transactions and records that substantiate the reported financial balances of assets under their control.

Defence undertakes accounting processes to enable accurate and timely reporting of asset balances. This involves managing the financial information of assets held across various logistical systems and ensuring that underlying assumptions in reporting the financial values of these assets are applied consistently. In addition, a significant focus is placed on the valuation of some highly specialised assets—that is, reviewing the asset base for fair values, impairment and completeness of asset balances. This allows Defence to be compliant with the requirements for financial statement reporting defined in the Australian Accounting Standards.