An asset class is a grouping of assets of a similar nature and use.
The above definition which is based on the AASB 116 definition is somewhat vague, and this has meant that traditionally the exact number, breakup and names of asset classes adopted by Councils has varied from Council to Council.
The Queensland Treasury Recognition of Assets Policy notes that an asset class is to be shown as a single line item in the financial report without supplementary dissection, which means that an asset class is the lowest note level disclosure in a Councils financial statements.
In December 2008, the Queensland Department of Local Government, Sport and Recreation circulated a list of Infrastructure Asset Classes and Sub-Classes, which may eventually result in greater uniformity of asset classes, at least in Queensland.
For lists of the asset classes used by various Councils, click here.