Hello all, I work for a small Village in the southwest of BC, Canada. I am in the process of doing our (and my) first AMP. One challenge that I am having is what year to put on an older long lived asset. For example if a building was built in 1960 and the siding was last repainted in 2015 and is in very good condition would the year for that asset be 1960 or 2015? To me the year it was acquired should be 1960 and the useful life should be altered to reflect that it is still in very good condition. Is that correct, or is there some other method of tracking this that I'm unaware of? One other question. How fine do you break a building down into component parts? Currently we have four components for a building (i.e. envelop, roof, services, and interiors). I personally would like to eventually break each of those categories down into more elements (e.g. envelop into siding, soffits, and eaves troughs, etc.). Is this realistic? To my mind it seems by doing so I would be better able to track renewals of those portions of the asset.
Thank you in advance.
T: 1300 416 745