Finance Ministry makes asset registers mandatory for federal departments 

The Ministry of Finance has introduced the Public Assets Management Guidelines 2025, making it mandatory for ministries, divisions, attached departments and subordinate offices to maintain detailed asset registers, prepare annual asset management plans and report their holdings to a central digital database.

The framework has been prepared by the Ministry of Finance in collaboration with the Ministry of Planning, Development and Special Initiatives and the Office of the Controller General of Accounts.

Under the new system, each government entity will maintain its own departmental asset register while also submitting information to a central asset register maintained by the Controller General of Accounts through the Financial Accounting and Budgeting System.

The guidelines apply to public assets other than financial assets, including stocks and bonds, and current assets such as inventory and supplies, which will continue to be dealt with separately.

The framework covers fixed assets valued at Rs1 million or above. These include land, buildings, infrastructure, machinery, transport assets, computer equipment, software and other intangible assets.

The initiative is aimed at improving oversight of government-owned assets, including land, buildings, infrastructure, machinery and vehicles, which have often been managed through fragmented record-keeping systems.

The guidelines seek to shift the government from recording purchases to managing assets across their lifecycle, including acquisition, maintenance, depreciation, transfer and disposal.

Every government entity will be required to prepare an annual asset management plan covering proposed acquisitions, repair and maintenance costs, disposal of obsolete assets and spending on asset security. These plans will become part of the annual budget process, allowing the Finance Ministry to review asset-related expenditure before approving allocations.

The Controller General of Accounts will be responsible for maintaining the central asset register, issuing reporting standards, monitoring compliance and publishing an annual report on federal government assets.

Reporting agencies will have to submit quarterly asset statements and immediately inform the Controller General of Accounts of any material change in their asset portfolios.

Each asset will be assigned a unique identification number and recorded either at historical cost or revalued amount in line with International Public Sector Accounting Standards. Depreciation will generally be calculated through the straight-line method, while asset valuation will be carried out only where technically required.

Principal accounting officers will be directly responsible for safeguarding government assets, ensuring regular maintenance, carrying out annual physical verification and putting in place internal controls against misuse, theft, fraud and operational losses.

The guidelines also introduce procedures for the disposal of public assets. Before disposing of any asset, departments will have to assess residual value, decommissioning costs, service delivery implications and legal requirements under relevant laws, including the Public Finance Management Act, PPRA rules and the Privatisation Ordinance.

State-owned enterprises that already follow internationally accepted accounting standards and have received unqualified audit opinions during the previous two years will get a partial exemption. However, they will still be required to submit prescribed asset information for inclusion in the central register.

The Ministry of Finance will monitor implementation through periodic reviews and may suspend the release of funds to agencies that fail to comply with the reporting requirements.

The guidelines will take effect after approval by the Executive Committee of the National Economic Council. Once approved, they will become the first comprehensive federal framework for systematic management of Pakistan’s public assets.