A detailed classification of asset types, in accordance with the above hierarchy and data template definitions, has been provided in Annexure 3 of this document and should be used to classify and structure asset register data. Componentisation Componentisation is the process by which asset register details are to ‘expanded’ refer to part(s) of an asset which have a significantly different useful life or cost in relation to the parent asset. The Municipality, in consultation with Vela VKE Engineers, have identified the level of detail for collection purposes and as such componentisation has been defined according to these levels. The hierarchy definitions as shown in Annexure 3 are to be used for inspection and asset reporting purposes and are to be reflected in the Fixed Asset Register (FAR) as well as in vSMART, Vela Asset VKE’s Computerised Management System. The fixed asset register shall be maintained in the format determined by the Chief Financial Officer, which format shall comply with the requirements of generally recognised accounting practice (GRAP) and any other accounting requirements which may be prescribed. The fixed asset register shall reflect the following information: Description of each asset; Asset Type; Facility Type; Cost Code; GIS ID; Remaining useful life; Condition Index; Photograph(s) of the asset; Location Of Asset (co-ordinates in terms of WSGS84); Manager responsible for the asset; Title Deed Number; (in the case of Land/Property assets) Stand (Erf) number; (in the case of Land/Property assets) Acquisition Date; Original Cost; Expected Useful Life; Current Replacement Cost; Source of Finance; Whether or not Asset used to secure Debt; Revaluation Date of Assets subject to revaluation; Who did valuation; Revalued Amount; Depreciation Method; Rate of Depreciation; Residual/Scrap Value;
A detailed classification of asset types, in accordance with the above hierarchy and data template definitions, has been provided in Annexure 3 of this document and should be used to classify and structure asset register data. Componentisation Componentisation is the process by which asset register details are ‘expanded’ to refer to part(s) of an asset which have a significantly different useful life or cost in relation to the parent asset. The Municipality, in consultation with Vela VKE Engineers, have identified the level of detail for collection purposes and as such componentisation has been defined according to these levels. The hierarchy definitions as shown in Annexure 3 are to be used for inspection and asset reporting purposes and are to be reflected in the Fixed Asset Register (FAR) as well as in vSMART, Vela VKE’s Computerised Asset Management System. The fixed asset register shall be maintained in the format determined by the Chief Financial Officer, which format shall comply with the requirements of generally recognised accounting practice (GRAP) and any other accounting requirements which may be prescribed. The fixed asset register shall reflect the following information: Description of each asset; Asset Type; Facility Type; Cost Code; GIS ID; Remaining useful life; Condition Index; Photograph(s) of the asset; Location Of Asset (co-ordinates in terms of WSGS84); Manager responsible for the asset; Title Deed Number; (in the case of Land/Property assets) Stand (Erf) number; (in the case of Land/Property assets) Acquisition Date; Original Cost; Expected Useful Life; Current Replacement Cost; Source of Finance; Whether or not Asset used to secure Debt; Revaluation Date of Assets subject to revaluation; Who did valuation; Revalued Amount; Depreciation Method; Rate of Depreciation; Residual/Scrap Value;
Fixed-Asset-Management-Policy-movables.docx