The Institute of Public Works Engineering Australia (IPWEA) has recently published the Australian Infrastructure Financial Management Guidelines. The Guidelines provide new assistance to link the technical (engineering) and financial aspects of managing infrastructure and services, and to assist infrastructure owners such as local government to develop sustainable long-term asset and financial management plans.Financial management for long-life infrastructure assets (such as roads, water, sewerage, and stormwater networks, and community buildings) is about ensuring sustainability in the provision of services required by the community. These new Guidelines offer advice for every organisation and individual with responsibility for the management of infrastructure assets. They assist in defining best practice approaches for:• Accounting for infrastructure• Depreciation, valuation, useful life, fair value• Managing financial sustainability• Integrating asset management planning and long term financial planning• Meeting requirements for financial reportingThe project was a joint initiative of IPWEA and the National Local Government Financial Management Forum. A steering committee representing national and state governments, technical and financial professionals, local government associations and auditors oversaw it.
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