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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

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