Many Australian companies have poor assets registers…..incomplete, inaccurate and occasionally non existent!

In our business we have reviewed hundreds of asset registers. Unfortunately these common short comings are all too frequently observed:

• Incomplete assets listings
• Little or no updating of asset registers
• No evidence of regular re-valuations of key equipment or register reviews
• Poor descriptions: eg. serial numbers, location not recorded
• Disposed of assets still on registers
• Misallocated assets, incorrect classifications

Companies unwillingly expose themselves to a variety of risks by not accurately establishing and maintaining their asset registers. These risks might include:

• Under insurance
• Breaches of regulatory requirements and compliance (particularly for Councils)
• Inadvertently conveying incorrect asset values to shareholders, lessors or lenders.
• Poor asset replacement planning
• Lacking proof of ownership in case of sale or theft.

Pacific Asset Services can locate, describe, record and value all your company’s assets so that an accurate picture can be presented to any relevant party, be they financial, taxation, insurance or regulatory.