ELEMENT S 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1 

Determine asset classification and identification 

1.1

Asset register format is determined on basis of current needs and business plan, in accordance with company requirements

1.2

Compatible classification system that meets asset accounting and asset management needs is selected, in accordance with company requirements

1.3

Value thresholds for assets to be recorded in the asset register are determined, in accordance with company requirements

2 

Record and value assets 

2.1

Specified details of all material assets are identified and recorded, in accordance with asset management policies and procedures

2.2

Assets are recorded in compliance with legislative and company requirements

2.3

Condition of each asset is determined, in accordance with manufacturer specifications, and legislative and company requirements

2.4

Useful/residual life of each asset is determined, in accordance with manufacturer specifications and company requirements

2.5

Current value of each asset based on valid and reliable information is calculated, in accordance with legislative and company requirements

3 

Maintain asset management system 

3.1

Records are continuously updated to record asset purchases, loss, damage or disposal, in accordance with company requirements

3.2

Periodic audits are conducted to ensure accuracy of asset register, in accordance with company requirements

3.3

Asset management system is periodically reviewed to ensure it is supporting business needs, in accordance with company requirements

3.4

Training to support effective management and maintenance of the asset register is provided, in accordance with company requirements

Evidence required to demonstrate competence in this unit must be relevant to and satisfy all of the requirements of the elements and performance criteria on at least one occasion and include:

• applying relevant legislation and workplace procedures
• communicating and working effectively with others when managing assets
• completing documentation related to managing assets
• determining organisational needs in the implementation and management of an asset register
• interpreting and following operational instructions and prioritising work
• reading and interpreting instructions, procedures, information and signs relevant to managing assets
• recording asset data accurately.

Evidence required to demonstrate competence in this unit must be relevant to and satisfy all of the requirements of the elements and performance criteria and include knowledge of:

• different types of asset management systems and their strengths and weaknesses
• relevant sections of national and state/territory regulatory requirements and codes of practice
• requirements for completing relevant documentation such as asset registers
• types of valuation methodologies and their usefulness in different contexts.