Fixed asset management is the process of tracking and maintaining an organization’s physical assets and equipment. Non-financial assets recognised by an entity under Ind AS may include, tangible fixed assets such as Property, Plant and Equipment (PPE), investment property and intangible assets such as technology, brands, etc. (d) Safeguarding of assets-These controls ensure that the assets owned by the entity are safeguarded and any loss on damage/destruction of such assets are made good, through for example, insurance of assets… This Roadmap provides Deloitte’s insights into the guidance in ASC 360-101 and ASC 205-20 on impairments and disposals of long-lived assets and presentation of discontinued operations. The effective management of fixed assets is an increasing challenge. Please see www.deloitte.com/about to learn more about our global network of member firms. Fixed assets—also known as tangible assets or property, plant, and equipment (PP&E)—is an accounting term for assets and property that cannot be easily converted into cash.The word fixed indicates that these assets will not be used up, consumed, or sold in the current accounting year. Buildings 165 28. Worldwide VAT, GST and Sales Tax Guide… Industries Asset management Automotive Banking and capital markets Communications Energy and mining Entertainment and media Financial services Health industries Industrial products Insurance … The Roadmap series contains comprehensive, easy-to-understand accounting guides on selected topics of broad interest to the financial reporting community. The KPMG Guide: FRS 139, Financial Instruments: Recognition and Measurement i. Assessing managements understanding 155 24. Worldwide Estate and Inheritance Tax Guide. Maintaining fixed asset … This publication represents a replacement of the 2019 publication A Roadmap to Disposals of Long-Lived Assets and Discontinued Operations and has been expanded to address the accounting for long-lived assets while classified as held and used. Discover Deloitte and learn more about our people and culture. For a list of abbreviations used in this publication, see Appendix C. Subscribe to receive Roadmap series publications via e-mail. Social login not available on Microsoft Edge browser at this time. DTTL and each of its member firms are legally separate and independent entities. This Roadmap provides Deloitte’s insights into the guidance in ASC 360-10 and ASC 205-20 on impairments and disposals of long-lived assets and presentation of discontinued operations. Deloitte's DART team calculates depreciation expense taxes for more than 200 companies and $20 billion in tax fixed assets. Social login not available on Microsoft Edge browser at this time. A podcast by our professionals who share a sneak peek at life inside Deloitte. © 2020. Deloitte Accounting Research Tool. Land 163 27. Worldwide Transfer Pricing Reference Guide. Please enable JavaScript to view the site. The team provides valuation … Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. Archives are available on the Deloitte Accounting Research Tool website. This Roadmap provides Deloitte’s insights into the guidance in ASC 360-10 1 and ASC 205-20 on impairments and disposals of long-lived assets and presentation of discontinued operations. Discover Deloitte and learn more about our people and culture. The useful life of an asset and the depreciation method applied is reviewed as a minimum at each annual reporting date. Fixed assets reflect the existing business circumstances and economic conditions in accordance with the accounting policies being used. The depreciation charge for each period is recognised as an expense in profit or loss, unless it is included in the carrying amount of another asset. Clear Search . Deloitte Touche Tohmatsu is one of the world’s ... mining-related fixed assets. Download the guide Property, plant, equipment and other assets. Please see www.deloitte.com/about to learn more about our global network of member firms. A Roadmap to Accounting for Asset Acquisitions combines the principles from the “Acquisition of Assets Rather Than a Business” subsections of ASC 805-50 with Deloitte’s interpretations and examples in a comprehensive, reader-friendly format. Business Combinations Business Combinations — SEC Reporting Considerations Carve-Out Transactions Comparing IFRS Standards and U.S. GAAP Consolidation — Identifying a Controlling … A podcast by our professionals who share a sneak peek at life inside Deloitte. Using an asset management system, organizations can: Track and monitor fixed assets; Deloitte guide to IFRS 3 and IAS 27 In July 2008, the Deloitte IFRS Global Office has published Business Combinations and Changes in Ownership Interests: A Guide to the Revised IFRS 3 and IAS 27 . Menu . Topics covered include the initial measurement of assets… ASC 360-10 specifies the accounting and reporting for long-lived assets that are being held and used by an entity and for long-lived assets that the entity intends to sell or otherwise dispose of. The body of this Roadmap combines the guidance in ASC 360-10 and ASC 205-20 on accounting and reporting for long-lived assets—as well as that on the presentation of disposals that both do and do not qualify for discontinued-operations reporting—with Deloitte’s interpretations and examples in a comprehensive, reader-friendly format. FRS 116 requires the effect of inflation to be taken into account in arriving at the residual value. GUIDE TO VALUATION AND DEPRECIATION | vi AUDIT CONSIDERATIONS 154 22. We have proven experience in managing large-scale and complex projects and can assist organisations to determine the correct value of their assets. Asset types include vehicles, computers, furniture and machinery. Applicability. DTTL and each of its member firms are legally separate and independent entities. Roadmap series publications are comprehensive, easy-to-understand accounting guides on selected topics of broad interest to the financial reporting community. 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