Financial and Performance Management Standard 2019

A department’s accountable officer or a statutory body must manage the assets of the department or statutory body in accordance with the asset management system established for the department or statutory body under section 11(1)(c).

Without limiting section 11, the asset management system must provide for the following—

the identification, acquisition, management, disposal, valuation, recording and writing-off of assets;

regular maintenance of the assets;

for a significant asset to be completed by the department or statutory body—

conducting an evaluation of the decision to complete the asset before completing the asset; and

once the asset is completed—reviewing the performance of the asset to ensure the objectives of the department or statutory body in completing the asset were met.

The accountable officer or statutory body must, in identifying, acquiring, maintaining, disposing of, valuing, revaluing, recording or writing-off an asset, comply with the document called ‘Non-current asset policies for the Queensland public sector’ published by the treasury department.

In preparing an evaluation of a decision to complete an asset, the accountable officer or statutory body must have regard to the document called ‘Project assessment framework’ published by the treasury department.

A department’s accountable officer or a statutory body must give the Treasurer a copy of an evaluation or review mentioned in subsection (2)(c) as soon as practicable after the Treasurer asks the accountable officer or statutory body for the copy.

In this section—

has a high dollar value; or

plays a key role in the delivery of a service by the department or statutory body; or

could, if the asset failed, expose the department or statutory body to an unsatisfactory level of risk.