FIXED ASSET SERVICES
Keeping track of assets is vital for several reasons, including preventing theft, and accurately reporting the declaration of any company assets. Reporting inaccurate information on fixed assets could impact business decisions, so it’s important to understand the place and value a fixed asset register has in an organization.
At Melden Advisory, we will provide you with a systematic process for maintaining, upgrading and managing your physical assets under one roof.
Our Services includes:
Preparation and maintenance of Fixed Asset Register as per IAS 16
- We can prepare a comprehensive and consolidated Fixed asset register for your company.
What is IAS 16 – Property, Plant and Equipment?
IAS 16 Property, Plant and Equipment outlines the accounting treatment for most types of property, plant and equipment. Initially it is measured at its cost, subsequently measured either using a cost or revaluation mode, and depreciated so that its depreciable amount allocated on a systematic basis over its useful life.
- Business owners will be able to track and control all of it’s asset.
- Helps to lessen the risk of loss or theft by ensuring all items received and withdrawn from the stocks or inventory are consistently monitored
It will reduce the error of human error by using barcoded and labelled techniques, providing a full audit trail of existing assets.
Monthly reporting of asset disposals and transfers in/out.
- Apart from the monthly reporting of depreciation we can also provide list of assets disposal and transfer with the following:
- Date Disposed/Transferred
- Asset Type
- Asset Description
- Quantity disposed
- Transfer to /From details
- Asset disposals details – discarded or sold out as scrap
Reconciliation of Fixed Asset Register with the actual Physical verification
- We can cross matched your physical Asset Register against the physical asset on location, resulting in one clean asset register.
Calculating of Depreciation and checking Fixed Assets for impairment
- We will create depreciation schedules for your fixed assets in accordance to accounting standard
- We will identify the optimal method to use when depreciating your assets to optimize your book and taxable income.
Compilation of discarded and/or obsolete assets
- A separate register can be created for obsolete and discarded asset with its corresponding photos, date discarded etc.
Fixed Asset Inventory and Reconciliation Services
- We can conduct Special Inventory and Reconciliation works.
Asset Verification and Tagging Services
- We can perform a combined asset exercise for your company – asset verification and asset tagging.
These are the key points we can provide to you once it is completed.
- Asset Location – Kitchen, Front office , Spa etc.
- Asset Type – Office Equipt., Furniture, IT Equipt. etc.
- Asset Description – HP Laptop Intel ®Core ™ i3-4010U
- Barcode tag id – FTGIT-0001
- Asset Conditions is specified – good condition, damaged etc.