What Is an Asset Register? A Guide for Boards

An asset register is a record of what an organisation owns. It lists each asset along with its description, location, purchase date, cost, current value, and the person responsible for it.

In Australia, organisations use asset registers to meet ATO record-keeping and depreciation requirements, support audits, plan maintenance and replacement, and reduce the risk of loss or theft.

An asset register also helps the board and management make informed decisions about future purchases and capital spending. By tracking depreciation and condition, the register shows when assets are approaching the end of their useful life and need replacing.

Types of asset registers

Organisations may maintain one or several registers depending on their size and the types of assets they hold.

Fixed asset register

Any Australian organisation that claims depreciation deductions must keep records of its depreciating assets. The ATO requires records including the asset’s description, purchase date, cost, the amount claimed for decline in value, any adjustment for non-taxable use, and the adjustable value at the end of each income year. These records must be kept for the life of the asset plus five years after disposal.

Fixed assets are items the organisation uses long-term: land, property, equipment, machinery, vehicles, furniture, and computer equipment. Intangible assets such as trademarks, copyrights, and patents can also be included.

Portable and attractive asset register

Portable and attractive (P&A) assets are lower-value items that are easy to move and at higher risk of loss or theft — smartphones, tablets, GPS devices, cameras, and similar equipment. These items are typically assigned to individual staff members.

A portable and attractive asset register (PAAR) tracks who has each item, its condition, and when it is due for replacement. It reduces the risk of items going missing and helps the organisation decide when to replace lost, damaged, or obsolete equipment.

Information asset register

The National Archives of Australia recommends information asset registers for Commonwealth government agencies under the Archives Act 1983. The same approach is worth adopting as a governance best practice in any organisation that holds records, archival documents, or data assets of business value.

Unlike a simple catalogue or inventory, an information asset register shows how information relates to systems and processes, identifies risks (such as data loss or privacy exposure), and supports decisions about retention and disposal. It should cover records, data, and documents with significant value or risk, including metadata in digital systems.

IT asset register

An IT asset register records digital technology assets and related spending: the website, software licences, infrastructure, computer equipment, network costs, and telephony. It allows the organisation to track IT spending, plan upgrades, and manage software licence compliance.

What to include in an asset register

At a minimum, each entry should record:

• Unique identifier — an asset number or tag
• Description — what the item is
• Location — where it is kept or who it is assigned to
• Purchase date and cost — when it was acquired and how much it cost
• Current value and depreciation — what it is worth now and how its value is declining
• Condition — whether it is in good working order
• Disposal information — if retired, when and how it was disposed of

For information assets, also record the security classification, retention and disposal requirements, and any associated rights (such as copyright or licensing).

Creating and maintaining the register

Start by listing everything the organisation owns. For smaller organisations, a spreadsheet works. Larger organisations may benefit from asset tracking software that automates depreciation calculations and generates reports.

Once the register exists, keep it current. Update it whenever an asset is acquired, disposed of, damaged, or reassigned. Conduct a full review at least once a year to verify accuracy, flag items due for replacement, and remove anything that has been written off.

Assign clear responsibility for maintaining the register — typically the finance officer or operations manager, with oversight from the board or audit committee. A board register tool can help your organisation maintain asset registers alongside other governance documents in one place.

Tangible vs intangible assets

Tangible assets are physical items — equipment, property, vehicles, furniture. Their value can be measured and they depreciate over time.

Intangible assets have no physical form but may still hold significant value: trademarks, copyrights, patents, brand reputation, and proprietary data. Not-for-profit organisations in particular should consider whether they hold intangible assets worth recording, especially if they have developed intellectual property, training materials, or specialist databases.

Asset register vs asset inventory

An asset register and an inventory serve different purposes. An inventory is a list of items in stock or in use — it tells you what you have. An asset register goes further: it tracks each item’s value, depreciation, condition, custodianship, and risk. The register supports financial reporting and strategic planning; the inventory is an operational tool.

Related Terms

Risk Register

Materiality

Accountability

Committee

Additional Resources

Records of Depreciating Assets — ATO

Information Asset Register Template — National Archives of Australia

Financial Metrics: A Guide for NFP Boards