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Course Outline
Introduction to Fixed Asset Management
- Defining the scope and significance of fixed asset management
- Examining its influence on financial reporting and compliance
- Exploring integration with accounting frameworks and ERP systems
Classification and Configuration of Fixed Assets
- Categorizing assets in line with IFRS guidelines
- Parameterizing assets within accounting management systems
- Adopting best practices for asset classification
Creation and Registration of Assets
- Understanding acquisition methods and initial recognition
- Capitalizing associated costs correctly
- Managing asset registration workflows and approval processes
Control and Monitoring of Assets
- Identifying and tracking individual asset components
- Planning maintenance schedules and managing the asset lifecycle
- Mitigating risks through internal control measures
Depreciation and Amortization
- Reviewing standard depreciation approaches (Straight-Line, Diminishing Balance, Units of Production)
- Calculating amortization based on asset type and useful life
- Recording entries and analyzing financial implications
Asset Movements and Transfers
- Executing procedures for internal asset transfers
- Generating records for delivery and assignment
- Managing approval workflows and maintaining audit trails
Asset Disposal and Write-Offs
- Understanding causes and procedures for asset retirement
- Handling the accounting treatment of asset write-offs
- Addressing legal and compliance aspects of disposal
Revaluation, Useful Life Adjustments, and Residual Value
- Evaluating revaluation criteria and their financial impact
- Adjusting useful life estimates and residual values
- Reporting revaluations in financial statements
Summary and Next Steps
Requirements
- A foundational grasp of accounting principles
- Awareness of financial reporting and regulatory compliance
- No previous experience in fixed asset management is necessary
Target Audience
- Asset management staff
- Accounting and finance specialists
- Internal auditors and compliance officers
- Procurement and operations managers
14 Hours
Testimonials (2)
Fun to talk
Jihan Fadila - BAF
Course - Root Cause Analysis (RCA) for Internal Audit
casual conversation supported by specific examples
