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Course Outline
Foundations of Fixed Asset Management
- Defining the role and significance of fixed asset management
- The effect on financial reporting and regulatory compliance
- Integration strategies with accounting platforms and ERP systems
Categorizing and Configuring Fixed Assets
- Classifying assets based on IFRS requirements
- Setting asset parameters within accounting management systems
- Industry best practices for accurate asset classification
Creating and Registering Assets
- Understanding acquisition methods and initial recognition
- Capitalizing related costs correctly
- Designing workflows for asset registration and approvals
Controlling and Monitoring Assets
- Identifying and tracking individual asset components
- Scheduling maintenance and managing the asset lifecycle
- Mitigating risks through internal control measures
Depreciation and Amortization
- Applying standard depreciation techniques (Straight-Line, Diminishing Balance, Units of Production)
- Calculating amortization based on asset type and expected useful life
- Maintaining accurate accounting records and assessing financial implications
Moving and Transferring Assets
- Executing procedures for internal asset transfers
- Creating records for delivery and assignment
- Establishing approval workflows and maintaining audit trails
Disposing of Assets and Writing Offs
- Understanding causes and procedures for asset retirement
- Accounting treatment for asset write-offs
- Navigating legal and compliance aspects of asset disposal
Revaluation, Adjusting Useful Life, and Residual Value
- Criteria for asset revaluation and its financial impact
- Modifying useful life estimates and residual values
- Incorporating revaluation reports into financial statements
Key Takeaways and Future Directions
Requirements
- A foundational grasp of accounting principles
- Familiarity with financial reporting frameworks and regulatory compliance
- Previous experience in fixed asset management is not a requirement
Target Audience
- Professionals specializing in asset management
- Accountants and finance specialists
- Internal auditors and compliance officers
- Managers in procurement and operations
14 Hours
Testimonials (2)
Fun to talk
Jihan Fadila - BAF
Course - Root Cause Analysis (RCA) for Internal Audit
casual conversation supported by specific examples
