Controllable asset definition
Controllable asset means an identifiable non-financial item that: has a useful economic life extending beyond an accounting period, is not consumable except through normal wear and tear; does not lose its identity or become an integral part of an item except where the item increases the number, value, original specifications or life expectancy of an existing item owned or operated by the Government; is for use in operations and not for resale; possesses physical substance unlike intangible assets such as patents and goodwill; is procured, issued and replaced on a basis of departmental acquisition programs (for example, computer equipment, furniture, vehicles and outboard motors); has an acquisition cost of: $500 or more per item and is of an insurable nature i.e., susceptible to loss or theft; does not exceed the threshold value of $50,000 (which would cause it to be classified as a tangible capital asset) (See Appendix B); has future economic benefits associated with it that are likely to be received; and, does not include either inventory held for consumption or use or resale.1