1 / 5

PRESENTATION TO PORTFOLIO COMMITTEE ON INTERNATIONAL RELATIONS AND COOPERATION

Detailing the comprehensive asset register, fixed asset register development, valuation processes, and government-owned property portfolio management. The financial regulatory framework, historical cost, and FAIR value are emphasized for asset valuation.

juanfrye
Download Presentation

PRESENTATION TO PORTFOLIO COMMITTEE ON INTERNATIONAL RELATIONS AND COOPERATION

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. PRESENTATION TO PORTFOLIO COMMITTEE ON INTERNATIONAL RELATIONS AND COOPERATION

  2. Asset Register • Financial Regulatory Framework requires development of Fixed Asset • Register (FAR) • Major Assets • Minor Assets • Implemented FAR (Hardcat) during 2005 – updated continuously since then

  3. Assets must be valued • Historical Cost • FAIR Value • R1,00 (Assets acquired prior to 1 April 2002)

  4. Department prepared a comprehensive project plan for the valuing of assets in 2008. Plan was accepted by both AG and Treasury. • All assets were valued during 2008/2009 - Agreed to methodology with AG - Assistance of Ngubane and Company - Utilisation of professional, municipal valuations and book values - Results accepted by AG

  5. Properties • All Government owned properties occupied / managed by the Department are included. • A valuation of all properties was done in 2007 - Municipal Governmental Valuations were obtained - In the absence of Municipal valuations properties were valued by professional valuers to determine market value • The total number of properties are 113 • The value of all properties are R 4, 8 billion • The Department’s property portfolio is managed by the Chief Directorate property and Facilities Management. • No concerns relating to assets were raised by AG in the audit report for 2009/10 financial year

More Related