Skip to content
Financial ServicesIT Director

AASB 116 Property, Plant and Equipment for IT Directors

What does AASB 116 Property, Plant and Equipment require of a IT Director?

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 IT Director'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 IT Director

IT Directors translate compliance requirements into technical implementations. They manage infrastructure, oversee technology projects, ensure systems meet security standards, and bridge the gap between business requirements and technical delivery.

AASB 116 Property, Plant and Equipment defines 17 controls across 6 domains that directly affect the IT Director 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 IT Director is accountable for under AASB 116 Property, Plant and Equipment

1

Implementing technical security controls required by compliance frameworks

2

Managing infrastructure, cloud environments, and technology vendors

3

Ensuring systems architecture supports compliance and audit requirements

4

Overseeing patch management, vulnerability scanning, and configuration management

5

Coordinating with security and compliance teams on technical evidence collection

Where IT Directors lose time on AASB 116 Property, Plant and Equipment

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

Challenge 1

Translating compliance control language into specific technical configurations

Challenge 2

Managing the operational impact of security controls on system performance

Challenge 3

Maintaining compliance across hybrid cloud and on-premises environments

Challenge 4

Automating evidence collection for continuous compliance monitoring

Challenge 5

Balancing security hardening with system availability and user productivity

A working order for a IT Director 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 IT Directors 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 Compliance OfficersView guide →AASB 116 Property, Plant and Equipment for Risk ManagersView guide →AASB 116 Property, Plant and Equipment for DPOsView guide →AASB 116 Property, Plant and Equipment for AuditorsView guide →

Questions IT Directors ask about AASB 116 Property, Plant and Equipment

What does a IT Director need to know about AASB 116 Property, Plant and Equipment?
As a IT Director, your key responsibilities under AASB 116 Property, Plant and Equipment include implementing technical security controls required by compliance frameworks and managing infrastructure, cloud environments, and technology vendors. 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 IT Director role?
AASB 116 Property, Plant and Equipment directly impacts IT Directors through implementing technical security controls required by compliance frameworks, managing infrastructure, cloud environments, and technology vendors, ensuring systems architecture supports compliance and audit requirements. The framework provides structure that helps IT Directors demonstrate due diligence and report compliance status to stakeholders.
What are the biggest AASB 116 Property, Plant and Equipment challenges for IT Directors?
Common challenges include translating compliance control language into specific technical configurations; managing the operational impact of security controls on system performance; maintaining compliance across hybrid cloud and on-premises environments. Using cross-framework mapping tools and automated evidence collection can significantly reduce these pain points.
How should a IT Director prepare for a AASB 116 Property, Plant and Equipment audit?
Start by conducting a readiness assessment to identify gaps. Then focus on ensuring systems architecture supports compliance and audit requirements and overseeing patch management, vulnerability scanning, and configuration management. 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 IT Directors 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 IT Directors identify overlapping requirements and reduce duplicate compliance effort.

IT Director: 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.

Get Your Readiness ReportBrowse Toolkits & Resources
Written and maintained by Gerard Blokdyk, The Art of Service.Last updated .