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AASB 116 Property, Plant and Equipment for Compliance Officers

What does AASB 116 Property, Plant and Equipment require of a Compliance Officer?

The Australian adoption of IAS 16: when the cost of a tangible operating asset is recognised, what makes up its cost, the choice between the cost and revaluation models for each class, component depreciation and the review of useful lives, residual values and methods, derecognition and the gain or loss on disposal, and the disclosures by class, with the not-for-profit modifications for below-market acquisitions and class-based revaluation accounting. Under AASB 116 Property, Plant and Equipment, which defines 17 controls, a Compliance Officer's work is deciding which controls you own outright, which you share and which belong to another team, then holding the evidence for the first group.

Which AASB 116 Property, Plant and Equipment controls land on the Compliance Officer

Compliance Officers ensure the organisation meets its regulatory obligations. They manage audit programmes, maintain evidence repositories, track regulatory changes, and coordinate across business units to sustain compliance posture.

AASB 116 Property, Plant and Equipment defines 17 controls across 6 domains that directly affect the Compliance Officer role. Understanding which controls fall within your ownership, which are shared, and which are owned by other teams is the foundation of effective compliance management.

What a Compliance Officer is accountable for under AASB 116 Property, Plant and Equipment

1

Monitoring regulatory changes and assessing their impact on the organisation

2

Managing internal and external audit programmes and evidence collection

3

Maintaining compliance documentation, policies, and control frameworks

4

Coordinating with business units to implement and maintain required controls

5

Reporting compliance status to senior leadership and regulatory bodies

Where Compliance Officers lose time on AASB 116 Property, Plant and Equipment

These are the most common obstacles Compliance Officers face when managing AASB 116 Property, Plant and Equipment compliance, and how to address them:

Challenge 1

Tracking overlapping requirements across multiple regulatory frameworks

Challenge 2

Collecting evidence from multiple teams and systems for audit readiness

Challenge 3

Keeping policies and procedures current as regulations change

Challenge 4

Demonstrating compliance ROI to justify programme investment

Challenge 5

Managing the volume of regulatory change across jurisdictions

A working order for a Compliance Officer starting on AASB 116 Property, Plant and Equipment

1. Readiness Assessment

Take a 5-minute readiness assessment to identify your organisation's current gap profile against AASB 116 Property, Plant and Equipment. Get a prioritised action plan tailored to your specific situation.

2. Cross-Framework Mapping

Use our platform to map AASB 116 Property, Plant and Equipment controls against other frameworks you already comply with. Identify overlapping controls to reduce duplicate effort.

3. Build Your Toolkit

Equip yourself with AASB 116 Property, Plant and Equipment toolkits, self-assessments, and implementation guides from our store. Resources designed specifically for Compliance Officers managing compliance programmes.

4. Continuous Monitoring

Establish ongoing compliance monitoring using our platform's gap analysis tools. Track your maturity over time and demonstrate progress to stakeholders.

AASB 116 Property, Plant and Equipment in your sector

AASB 116 Property, Plant and Equipment for Healthcare→AASB 116 Property, Plant and Equipment for Financial Services→AASB 116 Property, Plant and Equipment for Technology→AASB 116 Property, Plant and Equipment for Government→AASB 116 Property, Plant and Equipment for Manufacturing→AASB 116 Property, Plant and Equipment for Energy→AASB 116 Property, Plant and Equipment for Retail→AASB 116 Property, Plant and Equipment for Education→

Who else owns part of AASB 116 Property, Plant and Equipment

AASB 116 Property, Plant and Equipment for CISOsView guide →AASB 116 Property, Plant and Equipment for Risk ManagersView guide →AASB 116 Property, Plant and Equipment for IT DirectorsView guide →AASB 116 Property, Plant and Equipment for DPOsView guide →AASB 116 Property, Plant and Equipment for AuditorsView guide →

Questions Compliance Officers ask about AASB 116 Property, Plant and Equipment

What does a Compliance Officer need to know about AASB 116 Property, Plant and Equipment?
As a Compliance Officer, your key responsibilities under AASB 116 Property, Plant and Equipment include monitoring regulatory changes and assessing their impact on the organisation and managing internal and external audit programmes and evidence collection. The framework contains 17 controls that fall within your area of responsibility. Understanding which controls you own versus which are shared with other teams is critical for effective implementation.
How does AASB 116 Property, Plant and Equipment affect the Compliance Officer role?
AASB 116 Property, Plant and Equipment directly impacts Compliance Officers through monitoring regulatory changes and assessing their impact on the organisation, managing internal and external audit programmes and evidence collection, maintaining compliance documentation, policies, and control frameworks. The framework provides structure that helps Compliance Officers demonstrate due diligence and report compliance status to stakeholders.
What are the biggest AASB 116 Property, Plant and Equipment challenges for Compliance Officers?
Common challenges include tracking overlapping requirements across multiple regulatory frameworks; collecting evidence from multiple teams and systems for audit readiness; keeping policies and procedures current as regulations change. Using cross-framework mapping tools and automated evidence collection can significantly reduce these pain points.
How should a Compliance Officer prepare for a AASB 116 Property, Plant and Equipment audit?
Start by conducting a readiness assessment to identify gaps. Then focus on maintaining compliance documentation, policies, and control frameworks and coordinating with business units to implement and maintain required controls. Maintain a current evidence repository and ensure all control owners have documented their processes. Our readiness reports provide a prioritised action plan specific to your gap profile.
What tools help Compliance Officers manage AASB 116 Property, Plant and Equipment compliance?
Effective AASB 116 Property, Plant and Equipment compliance management requires tools for gap analysis, control mapping, evidence collection, and reporting. Our compliance platform provides AI-powered gap analysis across 1,248 frameworks with 315K+ verified control-to-control mappings, helping Compliance Officers identify overlapping requirements and reduce duplicate compliance effort.

Compliance Officer: How ready is your organisation for AASB 116 Property, Plant and Equipment?

Answer 25 questions and get a professional readiness report with gap analysis, maturity scores, and prioritised action items. Results in 5 minutes.

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Written and maintained by Gerard Blokdyk, The Art of Service.Last updated .