Dáil Éireann Debate, Tuesday - 10 July 2018
928. Deputy Eoin Ó Broin asked the Minister for Housing, Planning and Local Government if lands or properties vested in wholly owned subsidiary incorporated bodies of local authorities in which the chief executive is the sole shareholder should be included in the register of fixed assets of that local authority; and if he will make a statement on the matter. [30404/18]
View answer929. Deputy Eoin Ó Broin asked the Minister for Housing, Planning and Local Government if lands or properties vested in wholly owned subsidiary incorporated bodies of local authorities in cases in which the chief executive is the sole shareholder have been duly entered in the register of fixed assets for each local authority will be investigated; and if he will make a statement on the matter. [30405/18]
View answer930. Deputy Eoin Ó Broin asked the Minister for Housing, Planning and Local Government the action he will to take to ensure lands or properties vested in wholly owned subsidiary incorporated bodies of local authorities in which the chief executive is the sole shareholder have been duly entered on the register of fixed assets for each local authority; and if he will make a statement on the matter. [30406/18]
View answerI propose to take Questions Nos. 928 to 930, inclusive, together.
A fixed asset register records all movements of assets owned or controlled by an entity, and is generally used for internal administrative purposes. Accounting details of assets such as the date of purchase, location, cost, supplier details, warranty if applicable, serial number, depreciation method and rate, insurance details and disposal details are usually contained within the register.
The Local Authority Accounting Code of Practice, as published by my Department, states that every local authority shall keep a register of assets, including all lands acquired or leased by the local authority itself.
The position in relation to properties vested in or lands owned by a wholly owned subsidiary of a local authority, in which the chief executive is the sole shareholder, is that these assets should be recorded in the financial statements of the subsidiary incorporated body itself rather than in those of the local authority. However, Appendix 8 to the annual financial statement of each local authority records the interest a local authority has in companies and joint ventures and discloses the total assets and liabilities of each such subsidiary and joint venture.
The accounting code of practice is available on my Department’s website at the following link.
