A Creation/Acquisition Plan is a document that defines how an organisation decides when new assets need to be created and existing assets need to be upgraded, the projected cost of these works and the standards applicable to them. Construction/Acquisition Plans are often a section within an Asset Management Plan.
The Queensland Department of Local Government, Sport and Recreation's minimum requirements for Asset Management Plans require a section on Acquisition that details new or upgrade capital expenditure.
Other items that could be included in a Creation/Acquisition Plan, include:
- Project Ranking Procedure
- A list of materials, methods & service standards needed to meet the required level of service.
- Risk Assessment
- Future needs analysis based on demand forecasts.
- Cashflow forecast.
- Funding strategy.
- AASB 1015 - Acquisition of Assets