Services

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 Sharp Accounting, 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 model, and depreciated so that its depreciable amount is allocated on a systematic basis over its useful life.

Benefits

Business owners will be able to track and control all of its assets.

Helps to lessen the risk of loss or theft by ensuring all items received and withdrawn from the stocks or inventory are consistently monitored It will reduce the error of human error by using barcoded and labelled techniques, providing a full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
  • Location
  • 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 optimise your book and taxable income.

Compilation of discarded and/or obsolete assets

A separate register can be created for obsolete and discarded assets 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 , Back Office etc.

Asset Type – Office Equipt., Furniture, IT Equipt. etc.

Asset Description – HP Laptop Intel ®Core ™ i3-4010U

Barcode tag id – FTGIT-0001

Asset Conditions are specified – good condition, damaged etc.