Fixed Asset Accounting(Not Available)

Author: Steven Bragg

CPE Credit:  10 hours for CPAs

This course addresses both the GAAP and IFRS accounting for all aspects of fixed assets, including their initial purchase, impairment, revaluation, and disposal. The course also covers the disclosure of fixed asset information, as well as related controls, measurements, record keeping, and policies and procedures.

Publication Date: March 2011

Number of Pages: 233

Designed For
The practicing accountant who needs to learn about fixed asset accounting.

Topics Covered

  • Introduction to Fixed Assets
  • Capital Budgeting Analysis
  • Initial Fixed Asset Recognition
  • Interest Capitalization
  • Asset Retirement Obligations
  • Depreciation and Amortization
  • Subsequent Fixed Asset Measurement
  • Fixed Asset Impairment
  • Fixed Asset Disposal and Disclosures
  • Not-for-Profit Fixed Asset Accounting
  • Fixed Asset Record Keeping and Fixed Asset Controls
  • Fixed Asset Policies and Procedures
  • Fixed Asset Tracking
  • Fixed Asset Measurements
  • Fixed Asset Auditing

Learning Objectives

  • To be able to differentiate between an expense and a fixed asset, as well as to be able to further classify a fixed asset into a fixed asset category.
  • Describe the methods used to evaluate a capital budgeting proposal.
  • Describe which costs can be recognized as a fixed asset under purchase, acquisition, lease, and exchange transactions.
  • Explain when you should capitalize interest, and how to calculate it.
  • Determine how to calculate the cost of an asset retirement obligation.
  • Describe how to calculate the depreciation and amortization of fixed assets.
  • Describe when you can capitalize subsequent expenditures, and explain how to revalue both tangible and intangible assets.
  • Describe how to test and account for asset impairment, as well as explain the differences between the accounting standards for it, as stated under Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).
  • Explain the proper classification for an asset that is to be disposed of, and describe how to properly account for it.
  • Formulate the proper disclosures related to an entity's ownership of various types of fixed assets.
  • Determine when a not-for-profit entity should capitalize a contributed asset, as well as the correct valuation at which to record it, and whether to depreciate it.
  • Determine how to classify fixed asset information into general ledger accounts, and to summarize related information about each asset.
  • Explain the types of controls needed to avoid the improper acquisition, recordation, and disposition of fixed assets, as well as to mitigate the possibility of their theft.
  • Create a system of policies and procedures for fixed asset transactions.
  • Describe the methods available for tracking and monitoring fixed assets.

Level
Intermediate

Format
PDF materials

Instructional Method
Self-Study

NASBA Field of Study
Accounting (5 hours), Auditing (5 hours)

Program Prerequisites
A basic understanding of fixed asset accounting.

Advance Preparation
none