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Assets

In 2018–19, NOPSEMA undertook asset management in accordance with the Commonwealth procedure guidelines and the requirements of the accountable authority instructions, authorisations and procedural rules. NOPSEMA assessed all assets for impairment, in accordance with the Australian Accounting Standard AASB 136 – Impairment of assets, to ensure appropriate book values. No indicators of impairment were found.

NOPSEMA’s non-financial assets have a net value of $2.9 million. This includes $1.7 million for the organisations offices in Perth and Melbourne, $0.3 million for property, plant and computer equipment. NOPSEMA’s Regulatory Management System (RMS) software is an intangible asset valued at $0.9 million. Development of the RMS software continued in 2018–19 which increased the value of NOPSEMA’s intangible assets by $0.24 million compared to the previous year. No other major projects were undertaken in 2018–19.

As of 30 June 2019, NOPSEMA’s cash- on-hand was $13.1 million. Compared to the $11.9 million cash-on-hand recorded in 2017–18, this reflects an increase of $1.2 million.