Riches do not consist in the possession
of treasures, but in the use made of them.
Napoleon Bonaparte

Asset acquisition is the next stage in the
asset life cycle after the planning phase
(see Figure 2.6).

This section outlines the practices that
entities are to follow to acquire assets.
These practices may vary according to
what the asset is, namely:

• land (both improved and unimproved);
• building and related works, and other
  public construction (ie assets that are
  constructed); or
• other assets, including capital equipment
  (ie such as those recorded in an asset
  register, regardless of funding source).

Figure 2.6
Asset life cycle: the acquisition stage