By Raymond H. Peterson
Options and strategies for purchasing the main out of A COMPANY'S actual assets
Accounting for fastened resources, moment version provides complete instructions for successfully handling estate, plant, and kit for you to get the utmost advantages out of investments in those long term tangible resources. more advantageous with quite a few examples and illustrations, this new version gains crucial fabric on govt accounting, not-for-profit accounting, and useful desktop programs.
whole, up to date assurance of fixed-asset accounting includes:
* Asset classification
* Base unit
* Asset value
* Asset safeguards
* Inventories of mounted assets
* impressive repairs
* Written policies
* Self-constructed resources
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Extra resources for Accounting for Fixed Assets
A prime consideration is that materials, equipment, and facilities that have an alternative future use (in research and development projects or otherwise) shall be capitalized as tangible assets when acquired or constructed. However, the costs of such materials, equipment, or facilities that are acquired or constructed for a particular research and development project and have no alternative future uses and therefore no separate economic values are research and development costs at the time the costs are incurred.
Businesses do not enjoy this limitation. If an employee or customer is injured by one of your bridges, roads, or other holdings, you are responsible for the costs. Is that driveway or parking lot really a fixed asset? Or one to be managed so it will not become a liability? It is difficult to imagine something that should be called a fixed asset. Assets are not fixed in any way—not in place, time, or future income 16 What Is an Asset? or expense. The exception might be a work of art or historical treasure; however, even these items, if not protected, will deteriorate.
Each classification category and subgrouping must be documented. Included should be a definition and brief description of each item. Accountants design and provide the classification and coding systems with the assistance of others. The coding is primarily accomplished by nonaccountants. Purchasing agents and others that purchase, modify, repair, move, and dispose of the company’s physical assets will generally do the coding of those transactions. In establishing definitions and coding systems, it is important to keep in mind that the person handling the transaction must be able to simply identify the correct code and assign it to the transaction.