The Clean Energy Regulator’s asset management framework encompasses several elements to ensure the agency strategically invests in and maintains assets necessary for effective delivery of its outcome. The framework includes:
- internal governance through the internal budget process and Project Portfolio Board to
ensure investment decisions regarding assets are subject to sound investment principles
and can deliver benefits to the agency
- asset management policies that articulate sound asset management principles
responsibilities, and
- annual reviews of the asset register including stocktakes and impairment testing.
The Clean Energy Regulator manages current and non-current assets in accordance with the Chief Executive Instructions and relevant accounting standards. During 2014–15, the Clean Energy Regulator undertook the following asset related activities:
- a full stocktake of its asset base and engaged an independent expert to conduct a valuation of the agency’s assets (excluding intangibles) in accordance with the requirements of Australian Accounting Standards Board (AASB) 13 Fair Value Measurement.
- asset impairment testing and review of useful life (‘re-life’ assessment) of the Clean Energy Regulator’s assets, including information and communications technology (ICT) and non-ICT property, plant and equipment, intangibles and software Assets Under Construction, as required by the following Australian Accounting Standards:
- AASB 116 Property, Plant and Equipment
- AASB 136 Impairment of Assets, and
- AASB 138 Intangible Assets.
The result of these activities is reported in the financial statements in Section 6 from page 103.