Assets are items we own or control that:

  • have a cost or value that can be reliably measured and is above the threshold for the category of asset
  • are expected to bring us future economic benefits.

Assets can be:

  • tangible, like land, buildings, physical library collections, IT equipment, and items to be resold in our retail stores
  • intangible, like intellectual property, software and digital library collections.

See section 3.3.1 of the Assets Procedures [9.20.19] for recognition thresholds.

Property

Includes land, buildings, infrastructure and land improvements, heritage assets, and museum, library and other collections. See sections 2.1.1 to 2.1.6 of the Assets Procedures [9.20.19] for full definitions. Contact Assets (Corporate Finance) for more information.

Plant and equipment

Generally, non-consumable items costing $5000 or more (excluding GST) and with a life expectancy of more than 1 year. See section 2.1.7 of the Assets Procedures [9.20.19] for the full definition. Contact Assets (Corporate Finance) for more information.

Portable and attractive items

Generally, non-consumable items valued between $2000 and $5000 (excluding GST) and susceptible to theft or loss for personal use or resale. See section 2.2 of the Assets Procedures [9.20.19] for the full definition. Contact Assets (Corporate Finance) for more information.

Inventories

Items that are purchased by an organisational unit to sell to students, the public, or other parts of UQ. Contact Financial Accounting (Corporate Finance) for more information.

Intangible assets

Assets that don’t have physical substance, and are capable of being sold, transferred, licensed, rented or exchanged, or arise from contractual or other legal rights. See section 2.3 of the Assets Procedures [9.20.19] for the full definition. Contact Assets (Corporate Finance) for more information.

Contingent assets

Assets that may result from the outcome of events outside our control. Contact Financial Accounting (Corporate Finance) for more information.

Finance staff