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Course Outline
Introduction to Fixed Asset Management
- Understanding the definition and significance of fixed asset management.
- Assessing its impact on financial reporting and compliance.
- Integration with accounting and ERP systems.
Classification and Configuration of Fixed Assets
- Categorizing fixed assets per IFRS standards.
- Configuring asset parameters in accounting management systems.
- Adopting best practices for asset classification.
Creation and Registration of Assets
- Exploring acquisition methods and initial recognition.
- Capitalizing associated costs.
- Establishing asset registration workflows and approval processes.
Control and Monitoring of Assets
- Identifying and tracking asset components.
- Scheduling maintenance and managing the asset lifecycle.
- Implementing risk mitigation and internal control measures.
Depreciation and Amortization
- Reviewing common depreciation methods (Straight-Line, Diminishing Balance, Units of Production).
- Calculating amortization based on asset type and useful life.
- Understanding accounting records and financial implications.
Asset Movements and Transfers
- Executing procedures for internal asset transfers.
- Generating delivery and assignment records.
- Managing approval workflows and maintaining audit trails.
Asset Disposal and Write-Offs
- Identifying causes and procedures for asset retirement.
- Applying accounting treatments for asset write-offs.
- Navigating legal and compliance considerations in asset disposal.
Revaluation, Useful Life Adjustments, and Residual Value
- Establishing asset revaluation criteria and assessing financial impact.
- Adjusting useful life and residual value estimates.
- Reporting revaluation results in financial statements.
Summary and Next Steps
Requirements
- Foundational understanding of accounting principles.
- Familiarity with financial reporting and regulatory compliance.
- No prior experience in fixed asset management is necessary.
Target Audience
- Asset management staff.
- Accounting and finance professionals.
- Internal auditors and compliance officers.
- Procurement and operations managers.
14 Hours
Testimonials (1)
casual conversation supported by specific examples