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Duration 14 hours
Course Outline
Foundations of Fixed Asset Management
- Defining the scope and strategic importance of fixed asset management
- Evaluating the impact on financial reporting and regulatory compliance
- Integrating asset management with accounting frameworks and ERP systems
Classification and Configuration of Fixed Assets
- Categorizing fixed assets in line with IFRS standards
- Configuring asset parameters within accounting management systems
- Applying best practices for accurate asset classification
Asset Creation and Registration
- Understanding acquisition methods and initial recognition criteria
- Capitalizing relevant associated costs
- Designing asset registration workflows and approval processes
Asset Control and Monitoring
- Identifying and tracking individual asset components
- Scheduling maintenance and managing the asset lifecycle
- Mitigating risks through strong internal control measures
Depreciation and Amortization
- Exploring common depreciation methods (Straight-Line, Diminishing Balance, Units of Production)
- Calculating amortization based on asset type and estimated useful life
- Recording accounting entries and assessing financial implications
Asset Movements and Transfers
- Executing procedures for internal asset transfers
- Creating delivery and assignment documentation
- Managing approval workflows and maintaining audit trails
Asset Disposal and Write-Offs
- Reviewing causes and procedures for asset retirement
- Handling the accounting treatment of asset write-offs
- Navigating legal and compliance aspects of asset disposal
Revaluation, Useful Life, and Residual Value
- Assessing revaluation criteria and their financial impact
- Adjusting useful life estimates and residual values
- Reporting revaluations accurately in financial statements
Conclusion and Future Steps
Requirements
- A foundational understanding of accounting principles
- Familiarity with financial reporting and regulatory compliance
- No previous 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
Testimonials (2)
Fun to talk
Jihan Fadila - BAF
Course - Root Cause Analysis (RCA) for Internal Audit
casual conversation supported by specific examples
