Fixed Assets Policy

The Office of the Comptroller and Auditor General adheres to guidelines issued by the Department of Public Expenditure National Development Plan Delivery and Reform in relation to fixed asset capitalisation and management.

The most recent circular, 21/2020 Increase in the Value Threshold for Inclusion of Assets in Asset Register can be viewed here. 

The Accounting Officer has overall responsibility for the safeguarding of assets.

In line with relevant guidelines and good practice a fixed asset register (FAR) is maintained to ensure the safeguarding of assets.

All assets of the value of €10,000 and over are recorded on the Financial Management System (FMS) which is maintained by the National Shared Services Office and disclosed in the notes to the appropriation account.

Assets of the value below that threshold are recorded and maintained by the Facilities and ICT Operations Unit.

Fixed assets are grouped into two main categories: IT hardware and software and fixtures, fittings and furniture.

The manager of Facilities and ICT Operations Unit is responsible for acquisition, control, maintenance and disposal of fixed assets in line with applicable guidelines.

FAR is updated as the assets are acquired and / or disposed of. A physical verification of the assets is undertaken annually.

Acquisition of fixed assets

The acquisition of fixed assets of the capitalisation value must be pre-approved by the Deputy Director in charge of Central Services. For purchase of assets exceeding €250,000 a business case and approval of the Accounting Officer is required.

Disposal of fixed assets 

Disposal of assets must be approved at the appropriate level i.e. by the Accounting Officer if the assets are of the cumulative value exceeding €10,000 and by the Deputy Director in charge of Central Services if the value of assets is below that threshold.

A business case is required for the disposal of assets with remaining useful life which have not been fully depreciated.

The case must include a viable reason why the asset is considered no longer suitable, means of disposal and where relevant, proposal for replacement.

The Office’s replacement of equipment policy is based on business needs.

Full details of all disposals must be submitted to the Finance and Governance Support Unit so that the appropriate adjustments can be made to the FAR where relevant.

All IT equipment is disposed of in compliance with relevant environmental protection legislation.

The Office follows the provisions of EU Directive 2002/96/EC of the European Parliament and of the Council on Waste Electrical and Electronic Equipment (WEEE).

Fixed Asset Register

Copies of the Office's Fixed Asset Register can be found here.