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CA in Delhi
An ISO 9001 : 2008 Certified Company
 
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Tuesday, July 17, 2018

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  latest news heading 12 Jul, 2014 E-filing facility for tax returns suspended Amendment in Tax Audit report Form 3CD E-filing .....  
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gradient   updates Located in the southern peninsula of the Asian continent, India is the seventh largest and second most populous country ...
 
 
 
 
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Performance Optimization
 
FIXED ASSET REGISTER RELATED SERVICES

FIXED ASSET REGISTER

In India, it is necessary for Companies to maintain Fixed Asset Register’s containing certain mandatory information. Often, Companies which are multi-location and working on legacy work platforms have the need to incorporate this Register into the new ERP platform to which they migrate. The challenge then is to ensure reconciliation with the Books of Accounts, supported by tagging of all Fixed Assets and its proper recording. Further due to following reason Fixed Assests register required in the orgnisation.

  • Corporate governance requirements (SOX, GAAP, IFRS, CLAUSE 49, CORPORATE GOVERNANCE etc).
  • Inaccurate depreciation calculations.
  • Lack of an audit trail and overall security.
  • Inability to link 'parent/child' assets or conduct asset splits, batch disposals, etc.
  • Access to multi-currency, multi-lingual or multi-book capabilities.
  • Unable to meet historical reporting and forecasting requirements.
  • Wasted time on tedious tasks such as data entry.
  • Lack of confidence in data integrity.

A fixed asset register is an accounting tool used to store and manage an organization's list of fixed assets (e.g. computer and office equipment, vehicles, land, buildings, etc.), which typically consists of items held for the purpose of production of goods or performing services, not used for the purpose of sale. Quite simply, a fixed asset register is a detailed list of fixed assets.

In the absence of an updated Fixed Assets Register, it is difficult for any company to keep control over the FA. If FA Register is not updated regularly for the addition and deletion during the year, it signals about the weak internal control over the FA’s and does not present the true and fair picture of FA in the Balance Sheet. Further, it may result into reporting by Statutory or Internal Auditor in their report.

Fixed asset management is an accounting process used to track fixed assets for the purpose of financial accounting (depreciation). Many companies also elect to track the whereabouts, quantity, condition and maintenance records relating to fixed assets for tax and insurance purposes.

fixed assets

From a purely operational standpoint, having an accurate asset register that shows location, condition and the responsible contact can help ensure that assets are available and usable when needed. But how a business manages its assets also has multiple effects on the entity's finances, through the very tangible costs of heightened insurance premiums, property taxes and neglected depreciation. These areas cannot be effectively addressed without a specialist fixed asset management solution. Organizations that are using cumbersome spreadsheets to manage an ever-growing asset register constantly struggle to address a variety of issues surrounding the accountability and traceability of their asset base.

What Rajput Consultancy Services Private Limited Offers

Rajput Consultancy Services Private Limited provides total Solutions under one roof to its clients in relation to fixed asset management. We provide following services in this regard:

  • Updation of existing FA Register and review of capitalization as per the provisions of AS-10 of ICAI.
  • Asset Verification and Tagging Services
  • Preparation of FA Register, regular updation on half yearly basis and review of capitalization as per the provisions of AS-10 of ICAI.
  • Reconciliation of FA Register with the physical verification results.
  • Physical verification of FA (only if FA registers is not being maintained by us).
  • Compilation of discarded and/or obsolete items list
  • Fixed Asset Inventory and Reconciliation Services – FAIR
  • Compliance Repository Maintenance
  • Fixed Assets Audits
  • Depreciation Calculation and Accounting.
 
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We are the exclusive member in India of the Association of International Tax Consultants, an association of independent professional firms represented throughout Europe, US, Canada, South Africa, Australia and Asia.
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