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PRESENTATION TO PORTFOLIO COMMITTEE ON INTERNATIONAL RELATIONS AND COOPERATION. 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.
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PRESENTATION TO PORTFOLIO COMMITTEE ON INTERNATIONAL RELATIONS AND COOPERATION
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
Assets must be valued • Historical Cost • FAIR Value • R1,00 (Assets acquired prior to 1 April 2002)
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
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