1 INTRODUCTION
2 DEFINITIONS OF CONCEPTS
2.1 Asset Management
According to () asset management refers to the methodical incorporation of radical and sustainable management procedures into a body of management practices with a primary focus on the long-term life and sustained performance of an asset. It aims on reducing all total costs in acquiring, operating, maintaining, disposing and renewing assets as well as the risks that are associated with that whole process ().
2.2 State Assets
According to () state assets refer to any asset that is owned and controlled by the government or public institutions for the provision of public goods and services to the society. The assets of the public sector encompass various types of assets such as heritage assets, conventional assets, conservation assets, infrastructure assets, recreational assets, public buildings (for example, a military facility) as well as public utility plants ().
2.3 Legislation
According to () legislation can be defined as the implementation of the power and function of making laws that have the force of authority by virtue of their proclamation by an official of a state. Legislation is inclusive of the laws made by the Parliament as well as the laws made by individuals who obtain power from the Parliament to make laws, for instance, the Governor ()
3 THE MANAGEMENT OF ASSETS IN THE PUBLIC SECTOR ENVIRONMENT
According to Visser & Erasmus (2002:365) asset management can be described as the managing and controlling of assets owned by public institutions that is associated with internal control procedures, the ideal way of utilising assets, the cost of replacing assets as well as making use of maintenance programmes that are precautious by nature. It can therefore be said...
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...ty for asset management [Section 38(1)(d) of the PFMA]
10.1.1 The accounting officer of an institution must take full responsibility and ensure that proper control systems exist for assets and that –
(a) preventative mechanisms are in place to eliminate theft, losses, wastage and misuse; and
(b) stock levels are at an optimum and economical level.
10.1.2 The accounting officer must ensure that processes (whether manual or electronic) and procedures are in place for the effective, efficient, economical and transparent use of the institution’s assets.
10.2 Assets accruing to the state by operation of any law [Section 76(2)(i) of the PFMA]
10.2.1 Where any money, property or right accrues to the state by operation of law (bona vacantia), the relevant treasury may exercise all powers, authority and prerogatives, and fulfil any obligation on behalf of the state.
Management accounting in organisation is very important for decision-making and to make the business more efficient and therefore increasing its profits. Is the process of preparing accounts that can help managers to make day-to-day and short-term decisions, by providing them with accurate and timely key financial and statistical information...
Laws are objects that dictate how people act every single day, but laws are not just made easily with a flick of a wand, there is a specific and tough process to go through if a bill wants to become a law, which
The parliament is where laws are made in the UK. The laws often made apply to England and at times areas in Wales, Scotland and Northern Ireland. Their decisions come from different sources and pressure on the parliament can often change their ideas on policies. The government is who normally puts laws forward and introduces them. If the laws do not derive from them, they are from pressure groups, the media or law commission. Other pressures are present inside as well as outside the parliament, such as, the Royal Commission and the European Union.
Parliamentary sovereignty, a core principle of the UK's constitution, essentially states that the Parliament is the ultimate legal authority, which possesses the power to create, modify or end any law. The judiciary cannot question its legislative competence, and a Parliament is not bound by former legislative provisions of earlier Parliaments. The ‘rule of law’ on the other hand, is a constitutional doctrine which primarily governs the operation of the legal system and the manner in which the powers of the state are exercised. However, since the Parliament is capable of making any law whatsoever, the concept of the rule of law poses a contradiction to the principle of parliamentary supremacy, entailing that Parliament is not bound by the Rule of Law, and it can exercise power arbitrarily.
Talking specifically, executives of AssetOne could not make decision on critical things quickly since AssetOne was too formalized. Thus, AssetOne is too centralized. For example, acquired firm did not perform well after acquisition due to centralization. Previously, TaurusBank was giving investment fund division freedom to launch new products without approval of executive team, which was not found in AssetOne’s culture.
We will follow proper accounting and disclosure practices. All record keeping and financial statements will be prepared according to GAAP standards and reviewed by an independent
Legislative Assembly - A legislature is a kind of deliberative assembly with the power to pass, amend, and repeal laws.
• Information Asset Management – focus on full lifecycle management of information as an asset and classifying and cataloguing it so it can be found and used • Information Asset Access and Use Management – focus on sharing, licensing and use of information so information is easy to find and able to be exploited as widely as
Delegated Legislation An enabling Act of parliament authorises somebody else or another organisation other than parliament to make laws. This form of legislating is called 'delegated legislation'. These powers that have been granted to certain bodies are exercised through statutory instruments, orders in Council, or bye-laws. Examples of delegated legislation by a local authority are the legislating of a Bye-law, made by Bristol city council concerning the fouling of pavements by dogs.
By automating the asset tracking processes, our people will be freed up to think and plan as opposed to do and react. In addition, our management will have the accurate and timely information they need to make strategic and tactical asset procurement, tracking and retirement decisions. Works Cited CSC. -. (2010). The 'Standard' of the 'Standard'.
EFFICIENCY: This simply means making the most out of available resources. Thus in public administration it could be the provision ...
Parliament, as the sovereign lawmaking body is one source of law. It makes legislation via passing bills to make laws that abide by social cohesion and maintain social progress, such as sanctions imposed for murder under the Criminal Law Consolidation Act SA.
There are many techniques used to manage cash including, the nature of asset growth, controlling assets, patterns of financing, the financing decision, a decision process and shifts in asset structure. For any company the growth of asset results in a growth in wealth if managed effectively. The typical firm usually forecast the rate of sales to ensure that the production of goods match sales so there is not an overflow if inventory. As a company expands and produces more items they will acquire permanent current assets. Permanent current assets can be described as a constant inventory of items because it is almost impossible to predict the market and the demands of the consumer.
For-profit organizations depreciation is important because it reduces the taxes that a corporation pays. But in organizations that do not pay taxes, the importance of depreciation expense to decision making is reduced. So the only importance of depreciation expense in a nonprofit context is restricted to making a determination about the extent to which facilities have been depreciated. In this scenario it is very important to have preventive maintenance procedures to reduce the risk of collapsing public infrastructure. Without proper maintenance of facilities, public funds in excess of projections will have to be used to replace prematurely deteriorated facilities or to fund above-normal maintenance repairs. Information about the amount of deferred maintenance can be more important to a nonprofit manager than depreciation expense
Accounting aids the government and organisations in decision making for their financial stability. This numerical data helps solve real life problems and contributes to how the economy and businesses perform.