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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 […]

effective

Top 5 Reasons to choose Fixed Asset Management Systems

Top 5 Reasons to choose Fixed Asset Management Systems Effective Tracking Assets are building blocks of every organization. Utmost importance is required to track assets. Most of the organizations rely on either spreadsheets or manual methods to save data related to assets. It causes potential issues including errors in the tracking of procured assets, missing […]

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