ABS procurement activities represent an important part of its strategic focus and direction. Goods and services acquired by the ABS are purchased through a process which ensures the attainment of value for money in accordance with Commonwealth procurement guidelines. The ABS actively applies the Commonwealth’s core purchasing policies and principles to ensure compliance with all relevant government policies.
Depreciation management forms an integral part of the ABS financial management program. In accordance with government requirements, the ABS revalues all physical fixed assets on a regular basis with formal valuations completed at least once every five years by an independent qualified valuer. Assets due for revaluation are revalued in accordance with the principles of the ‘fair value basis’. Assets that have become obsolete or excess to requirements are disposed of in a manner consistent with sound disposal practices.
The ABS asset base is managed through an ORACLE Financial Information Management System with support from internally developed systems. Long-term strategic planning and judicious management has ensured that these assets have supported the organisation well in achieving its outcomes.
As part of its overall management strategy, the ABS actively manages its disposals program to ensure it receives value for money outcomes from assets that have reached the end of their economic and/or useful life.