Solutions

Auditor General

    

 

As required by Directive 5, issued by the Accounting Standards Board (ASB) to Standards of Generally Accepted Accounting Practices (GRAP), local government must account for property, plant and equipment (PPE) in terms of GRAP 17.   This has an impact on libraries since library material meet the definition and recognition criteria of tangible assets in terms of GRAP17.

Requirements to comply
• Determine if entity controls the Library Material
• Classification of Library Material as Heritage Assets or Property, Plant & Equipment
• Physical verification of books
• Condition assessment
• Valuation of Library Material
• Determine the acquisition date
• Allocation of economic /useful life of book
• Compare actual stock with library catalogue, then with Council Asset Register
• Report of missing books
• Report of current and comparative movement (additions & disposals)
• Depreciation

 

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