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Physical verification of Fixed assets

Physical verification of Fixed assets: Every organization must ensure that they efficiently use the resources without much affecting the quality and quantity. This has been one of the top most priorities for the Finance and Admin teams as they are the caretakers of resource management. Asset verification is such time taking process, as well it […]

fixed asset

Fixed Assets

Fixed Assets What is a ‘Fixed Asset’ ? A fixed asset is a long-term tangible piece of property that an organization owns and uses in the production of its income and is not expected to be consumed or convert into cash any sooner than at least one year’s time. Fixed assets are sometimes collectively referred […]

Fixed Asset Accounting- Tracet

Fixed asset Accounting under IFRS

Fixed asset Accounting under IFRS Fixed assets can be classified basically in to two categories i.e tangible & intangible, Under IFRS , IAS-16 –Property, Plant & Equipment deals with tangible fixed asset except the assets held for capital appreciation. In case asset held for capital appreciation that assets has been separately covered under IAS-40 Investment […]

Asset management

Recording of Fixed Asset Details

Recording of Fixed Asset Details Information recorded against a fixed assets will change from business to business, which means that the following procedure may need to be adjusted.  Below are the steps to maintain fixed assets related information. Create record Create a new record for the asset and assign the next sequential record number to […]

componentization

Fixed Asset Componentization

Fixed Asset Componentization Fixed Asset Componentization is the practice of separating the asset into component parts. Fixed assets are the building blocks of most of the organizations. Utmost care is required to manage these assets to achieve maximum productivity. There are different techniques to achieve this, and one such technique is asset componentization. When the […]

management

8 ways to Manage Fixed Assets Effectively

8 ways to Manage Fixed Assets Effectively In current competitive business environment, organizations view business profitability not just as a function of revenue, but also better management of resources. Fixed assets often comprise a significant portion of the total assets of an enterprise, and therefore secure an important position on the Balance sheets. The very fact […]

calculate

Fixed Assets Turnover Ratio

Fixed Assets Turnover Ratio Fixed Assets Turnover Ratio   What is Fixed Assets Turnover Ratio? Fixed Assets Turnover is one of the efficiency ratios that use to measure how efficiently the entity’s fixed assets are being used to generate sales. Just like its formula, the main idea of Fixed Assets Turnover is to assess number […]

classroon

Fixed Assets Auditing in Educational Institutions

Fixed Assets Auditing in Educational Institutions Fixed Assets Fixed Assets in the shape of land, building, and equipment constitute a major chunk of the assets of an educational institution. Timely maintenance, effectively tracking and performing audit of these assets is mandatory for educational institutions. Asset auditing ensures the accurate records of internal assets. Asset auditing […]

GST Bill

All you need to know about GST

All you need to know about GST   GST Means? The Goods and Service Tax (GST) will be a comprehensive nationwide indirect tax on manufacture, sale and consumption of goods and services throughout India. It is meant to be a single, detailed tax that will subsume all the other smaller indirect taxes on consumption like […]

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