I 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.