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For many companies, fixed assets represent the largest single aspect of their financial statement, yet rarely do they command time proportionate to the magnitude of the investment. This is the first book to show how to implement internal controls for fixed assets. It is a step-by-step guide for developing and maintaining a functioning internal control system that will withstand the closest scrutiny from independent public accountants and the PCAOB. With up-to-the-minute discussion of IFRS and GAAP, this is a must-have guide for controllers, auditors, and CFOs.
Auteur
ALFRED M. KING, CMA, is the Vice Chairman of Marshall & Stevens and the former chairman of Valuation Research Corporation, both of which are national firms of appraisers. In addition, he is the former chairman of the Accounting Committee of the Institute of Management Accountants. He speaks at various conferences (IMA, AICPA, NACVA) on valuation issues.
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What's the big deal about fixed assets? If the PCAOB starts to review auditor work papers dealing with Property, Plant, and Equipment (PP&E) on a more intensive basis, will your organization be ready? What if fair value reporting for PP&E were required? As timely as it is complete, Internal Control of Fixed Assets peels back the layers surrounding the often-complex topic of internal controls for PP&E. This nuts-and-bolts book provides authoritative, step-by-step guidance on developing a system of internal controls for fixed assets, covering:
Contenu
Preface. Chapter 1: Internal Control, Sarbanes-Oxley, and the Public Company Accounting Oversight Board.
Internal Controls over Property, Plant, and EquipmentMandatory but Weak.
Internal Controls over Working Capital.
Securities and Exchange Commission and Public Company Accounting Oversight Board Scrutiny of Financial Statements.
Why Do Auditors Not Spend More Time on Property, Plant, and Equipment?
Who Is Responsible for Internal Control over Property, Plant, and Equipment?
''What Is So Hard about the Job?''.
Note.
Chapter 2: Capitalization versus Expense.
Capitalization Theory.
Why Capitalization Levels Matter.
Consequences of Increasing Minimum Capitalization Level.
What Is the Optimum Capitalization Limit?
Summary.
Note.
Chapter 3: Asset Life CycleControls and Software.
Software Is the Key.
Input, Output, and Reporting Capability.
How to Evaluate Software Vendors.
Assign Responsibility for Implementation and Beyond.
Charging Departments Will Ensure Individual Responsibility.
Return on Investment Analysis.
Summary.
Note.
Chapter 4: Depreciation and Amortization for Books and Taxes.
Internal Control for Depreciable Tangible Assets.
Determining Useful Lives Whenever New Assets Are Acquired.
Choosing Accounting Lives.
How Valuation Specialists Determine Economic Lives.
Determining Lives for Intangible Assets.
Changing Lives and Depreciation for Existing Assets.
Leasing as a Way to Utilize Depreciation.
Summary.
Note.
Chapter 5: Impairment Testing.
Testing Intangible Assets That Are Not Amortized.
Testing for Impairment of Property, Plant, and Equipment, and Amortizable Intangibles.
Reviewing Lives for Assets Already in Service.
Testing for Goodwill.
Reporting Units.
Determining the Fair Value of a Reporting Unit.
Phase II Test of Accounting Standards Codification 350.
Understanding Impairment Charges.
Summary.
Note.
Chapter 6: Physical Control of Property, Plant, and Equipment.
Tagging of Property, Plant, and Equipment.
Alternative Tagging Methods.
Barcode Tagging.
Radio Frequency Identification Tags.
Asset Tagging for Expensed Assets.
Recommendation.
Summary.
Notes.
Chapter 7: Taking a Physical Inventory.
Planning and Using the Physical Inventory.
Who Should Be Responsible?
Use Own Staff, or Outsource?
What Minimum Dollar Cutoff Should We Use?
Initial EffortPartial Facility versus Total.
The $64,000 QuestionAssets to Listing or Listing to Assets?
Reconciliation of the Inventory to the Records.
Fully Depreciated Assets.
Reconciliation Process.
Revised Asset Lives.
Summary.
Note.
Chapter 8: Reconciliation of Physical Inventory to Accounting Records.
Two Approaches to Reconciliation.
Ghost Assets.
Zombie Assets.
Netting Out Ghost and Zombie AssetsIs It Permissible?
Netting Out Gains and Losses.
Performing the Inventory and Reconciliation Piecemeal.
Summary.
Chapter 9: Fixed Assets in a Business Combination.
Carryover of Target's Book Value.
Applying Indexes to the Target Company's Asset Register.
Inaccuracies in the Target's Asset Property Register.
Detailed Valuation of Property, Plant, and Equipment.
Summary.
Note.
Chapter 10: Insurance for Fixed Assets.
Using the Master Property Record for Insurance. Insurable Values Are NOT Fair Value ...