Fixed assets can be one of the largest asset groups within an organization, and requires special accounting that differs from the accounting used for any other assets. TheFixed Asset Accountingcourse comprehensively addresses every GAAP and IFRS accounting rule related to these crucial assets, including interest capitalization, asset retirement obligations, depreciation, impairment, and disposal.The course delves into many other areas of interest to the accountant, including the record keeping, controls, policies and procedures, measurements, asset tracking, and auditing procedures related to fixed assets. In short,Fixed Asset Accountingis the go-to source for all accounting issues related to fixed assets.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Cite the general classifications of fixed assets.
Identify the concepts used to evaluate fixed assets in capital budgeting process.
Specify the accounting rules for the initial recognition of fixed assets.
Cite the situations under which interest can be capitalized.
Specify the scenarios under which asset retirement obligations should be used and valuations assigned.
Identify the methods used to depreciate fixed assets.
Cite the instances in which the recorded amount of fixed assets may be adjusted a ta later date.
Specify the accounting for an asset impairment.
Specify the accounting for assets to be derecognized in the accounting records.
State the types of disclosures related to fixed assets.
Cite the accounting rules related to the recordation of fixed asset transactions by not-for-profit entities.
State the account structures and record keeping used for fixed assets.
Recognize the controls to be used under specific circumstances when fixed assets are involved.
Specify the reasons for using fixed asset policies, and the circumstances under which certain policies and procedures are needed or not needed.
Identify the methods used for track fixed assets, and the circumstances under which they are most useful.
State the measurements that can be applied to fixed assets, and the circumstances under which they should be used.
Specify the fixed asset audit procedures that an auditor may employ, and the reasons for using them.
Major Topics
Fixed Asset Classification
Capital Budgeting Fixed Assets
Fixed Asset Recognition
Asset Retirement Obligations
Fixed Asset Depreciation
Fixed Asset Disclosures
Fixed Asset Record Keeping
Fixed Asset Audit Procedures
