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ENG708 Asset Management

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ENG708 Asset Management

0 Download4 Pages / 884 Words

Course Code: ENG708
University: University Of Tasmania is not sponsored or endorsed by this college or university

Country: Australia


Outdoor infrastructure data management/open space asset management (finance and data)
Organisation: public service e.g. council.
Insurance thresholds
What to insure and to what level?What can be claimed?
Financial threshold (valuation threshold)
What gets capitalized?What is capitalized maintenance?What do valuation include?Methodology for capitalization/componentisation
Data collection
What data to be collected and maintained?
Asset handover (capital vs maintenance)
Handover of developmentsHandover of capital works (the process from asset team)How do we find out about maintenance
In the field:
What statutory obligations to comply with?What level of detail data is actually required to meet the requirements?What other details to make day to day operations easier?


Open Space Asset Management.
The Asset Management planning covers the various aspect of the use and the utilization of the different kind of asset held under use by the Public Service Council. There are different assets of the organization, which are the key assets and the same should be dealt with concerns and factors like Insurance of the Assets, Valuation of the Asset and the Asset Handover Techniques (Duchin et al. 2017).
Insurance Thresholds
The Local Council should have all the assets of the organization secured in order to avoid the risk constituted with asset.  The assets of the organization should be insured in order to avoid undue risk arising or occurring from theft, fire and other risk, which may affect the useful life of the asset and the same could result in the financial loss for the council if the same is not insured or secured (Guironnet, Attuyer and Halbert 2016). The local council can claim for the damages that may arise because of the above risks mentioned. The local Council can claim the damages occurred in the assets of the council and the council can recover the same amount of insurance contract done by the Council. The Insurance Contract should be as a risk-assessing instrument for the use by the council. The value of the asset should be quantified at first in order to determine the correct value and to know the threshold level for Insurance (Porter and Heppelmann 2015).
Financial Thresholds (Valuation Thresholds)
The financial accounting of data and the application of the same involves judgment and probability factor implied by the auditors of the company. There are certain points and terms where the quantitative thresholds are applied in the use of financial data evaluation and with the use of qualitative factors for evaluation and assessment purpose. The financial and accounting decisions taken by the company with respect to the assets of the company depends upon the type of asset and the nature of asset use taken by the local council. The financial threshold is applicable at the different level of operation in the business. The financial decisions and other relevant information could implement and influence the long-term workings and the growth of the council (Dumay  2016).
The assets, which is capitalized, depends upon the financial decisions taken by the council and the same depends upon the usage of the assets whether the same is for a long-term perspective or the same is for the maintenance purpose. The methodology involved depends upon the classification and the use of the assets by the council. The valuation method include valuation of long-term assets of the council at the respective book value of the assets and the assets, which are held for long-term purpose. Assets held for maintenance and short-term use or as an investment, purpose by the council is determined at the fair value by the council. The valuation of assets are done primarily by two values wither at book value or the fair value and depending upon the usage, characteristics and type of assets class it is the council choice to classify the asset at the respective valuation methodology.
Asset Handover (Capital vs Maintenance)
The asset handover is the process of transformation of ownership of the asset for the purpose of use of the assets. The assets held by the management and the classification of asset depend upon the type of the asset. The assets are transferred for general usage within the employee of the organization or council (Arthur 2018).
In the Field
Several compliances and guidelines needs to be followed in respect to the statutory rules and regulations laid down by the statutory body where the local council operates. The statutory guidelines and regulations serves as the guideline for the local council to operate, work, and carry on their daily workings (Brunswicker and Vanhaverbeke 2015).
There needs to be a proper detail of the daily workings of the council, which is carried on by the local council and the same needs to be in detailed discussion so that the workings of the local council is directed in a well way.
There are certain other details required for the operations of the company and the same should include all the important details including the financial details and the operational details of the local council in order to ensure that the workings of the council is assess and examined in a well classified manner.
Arthur, W.B., 2018. Asset pricing under endogenous expectations in an artificial stock market. In The economy as an evolving complex system II (pp. 31-60). CRC Press.
Brunswicker, S. and Vanhaverbeke, W., 2015. Open innovation in small and medium?sized enterprises (SMEs): External knowledge sourcing strategies and internal organizational facilitators. Journal of Small Business Management, 53(4), pp.1241-1263.
Duchin, R., Gilbert, T., Harford, J. and Hrdlicka, C., 2017. Precautionary savings with risky assets: When cash is not cash. The Journal of Finance, 72(2), pp.793-852.
Dumay, J., 2016. A critical reflection on the future of intellectual capital: from reporting to disclosure. Journal of Intellectual capital, 17(1), pp.168-184.
Guironnet, A., Attuyer, K. and Halbert, L., 2016. Building cities on financial assets: The financialisation of property markets and its implications for city governments in the Paris city-region. Urban Studies, 53(7), pp.1442-1464.
Porter, M.E. and Heppelmann, J.E., 2015. How smart, connected products are transforming companies. Harvard Business Review, 93(10), pp.96-114.

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