Government of Vanuatu

Whole of Government Asset Framework

APV was originally appointed by the Government of Vanuatu in late 2015 to -

 

  • Review their existing asset registers with a view to capturing the necessary data to eventually enable the Government to identify and value their major assets

  • Developing a whole-of-government asset accounting framework including policies and processes to support the implementation of accrual based financial statements under the IPSAS.

The Government did however have an broader goal of developing capability and expertise within their own staff.

Following an initial scoping exercise in December 2015 APV in consultation with the Asset Management and Valuation Unit (AMVU) of the Department of Finance and Treasury (DoFT) developed a strategy aimed primarily at  building the capability of their own staff and equipping them with the right tools to enable the Government of Vanuatu to become self-sufficient with valuation requirements.

As a government with limited resources, it was considered imperative that they build their own capability rather than rely in perpetuity on external consultants.

APV subsequently established a core team of Government of Vanuatu staff and through hands-on training and in-field mentoring combined with the provision of key tools such as Asset Valuer Pro were able to achieve great success. This resulted in the in-house team, over a 15 month period, inspecting assets across the entire country and producing for the first time valuations for the whole-of-government accounts.

 

Based on the  success of the project the Government entered into a new two-year contract in 2019 to further develop their own staff and extend the project across provincial and municipal governments. This new phase also includes the development and implementation of a National Asset Management Framework (NAMF).

APV believes this project should be used as a prime case study for other countries as they commence their journey down the path of implementation of accrual based accounting standards such as IPSAS and IFRS.