Download: Fixed Asset Management Policy.pdf

This policy was adopted by the Moses Kotane Local Municipality on 30. May 2008 by Resolution Number 160/05/2008.

Table of Contents

1. Definition of a Fixed Asset
2. Role of Municipal Manager
3. Role of Chief Financial Officer
4. Format of Fixed Asset Register
5. Classification of Fixed Assets
6. Investment Property
7. Fixed Assets treated as Inventory
8. Recognition of Heritage Assets in the Fixed Asset Register
9. Recognition of Donated Assets
10. Safekeeping of Assets
11. Identification of Fixed Assets
12. Procedure in Case of Loss, Theft, Destruction or Impairment of Fixed Assets
13. Capitalisation Criteria: Material Value
14. Capitalisation Criteria: Intangible Items
15. Capitalisation Criteria: Reinstatement, Maintenance and other Expenses
16. Maintenance Plans
17. Deferred Maintenance
18. General Maintenance of Fixed Assets
19. General Maintenance of Fixed Assets
20. Rate of Depreciation
21. Method of Depreciation
22. Amendment of Asset Lives and Diminution in the Value of Fixed Assets
23. Alternative Methods of Depreciation in Specific Instances
24. Creation of Non-Distributable Reserves for Future Depreciation
25. Carrying Values of Fixed Assets
26. Revaluation of Fixed Assets
27. Verification of Fixed Assets
28. Alienation of Fixed Assets
29. Other Write-Offs of Fixed Assets
30. Replacement Norms
31. Insurance of Fixed Assets
32. Biological Assets
33. Annexure: Fixed Asset Lives
34. Annexure: Paraphrase of Section 14 of the Municipal Finance Management Act 2003