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Course Outline
Introduction to Fixed Asset Management
- Defining fixed asset management and its significance
- Influence 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
- Best practices for accurate asset classification
Creation and Registration of Assets
- Acquisition methods and initial recognition
- Capitalizing associated costs
- Workflows 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 through internal control measures
Depreciation and Amortization
- Overview of common depreciation methods (Straight-Line, Diminishing Balance, Units of Production)
- Calculating amortization based on asset type and useful life
- Implications for accounting records and financial statements
Asset Movements and Transfers
- Procedures for internal transfers
- Creating delivery and assignment records
- Approval workflows and maintaining audit trails
Asset Disposal and Write-Offs
- Reasons and procedures for asset retirement
- Accounting treatments for write-offs
- Legal and compliance aspects of disposal
Revaluation, Useful Life Adjustments, and Residual Value
- Criteria for revaluation and its financial impact
- Adjusting useful life and residual value estimates
- Reporting revaluation in financial statements
Summary and Next Steps
Requirements
- Fundamental knowledge of accounting principles
- Understanding of financial reporting and regulatory compliance
- No previous 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
14 Hours
Testimonials (2)
Fun to talk
Jihan Fadila - BAF
Course - Root Cause Analysis (RCA) for Internal Audit
casual conversation supported by specific examples