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Duration 14 hours
Course Outline
Introduction to Fixed Asset Management
- Defining fixed asset management and its strategic importance
- Effects on financial reporting and regulatory compliance
- Integration with accounting and ERP systems
Classification and Configuration of Fixed Assets
- Categorizing fixed assets under IFRS guidelines
- Parameterizing assets within accounting management systems
- Best practices for accurate asset classification
Creation and Registration of Assets
- Acquisition methods and initial recognition principles
- Capitalizing associated costs
- Workflow for asset registration and approvals
Control and Monitoring of Assets
- Identifying and tracking individual asset components
- Scheduling maintenance and managing the asset lifecycle
- Mitigating risks and implementing internal controls
Depreciation and Amortization
- Standard depreciation methods (Straight-Line, Diminishing Balance, Units of Production)
- Calculating amortization based on asset type and useful life
- Maintaining accounting records and understanding financial implications
Asset Movements and Transfers
- Procedures for internal asset reallocation
- Creating delivery and assignment documentation
- Managing approval workflows and maintaining audit trails
Asset Disposal and Write-Offs
- Understanding the causes and procedures for asset retirement
- Accounting treatment for asset write-offs
- Navigating legal and compliance issues in asset disposal
Revaluation, Useful Life Adjustments, and Residual Value
- Criteria for asset revaluation and its financial impact
- Adjusting useful life and residual value estimates
- Reporting revaluations in financial statements
Summary and Next Steps
Requirements
- Fundamental understanding of accounting principles
- Awareness of financial reporting and regulatory compliance requirements
- No prior 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
Testimonials (2)
Fun to talk
Jihan Fadila - BAF
Course - Root Cause Analysis (RCA) for Internal Audit
casual conversation supported by specific examples
