Building on the foundation that accurate fixed asset information drives business performance, this comprehensive seminar teaches essential skills and strategies for making your fixed asset function a competitive advantage. You will develop the expertise to maintain an accurate and reliable fixed asset database, secure cooperation across your organization, and generate the detailed reports needed for accounting, tax, insurance, and management purposes.
Who Should Attend:
This seminar is perfect for professionals entering the fixed asset management field for the first time. If you have extensive fixed asset accounting experience, this course will serve as a valuable refresher and update to your existing knowledge.
Strengthen your value to your organization by mastering fixed asset management fundamentals. This program is ideal for financial controllers, chief financial officers, accountants, fixed asset specialists, and operational managers with responsibility for fixed assets.
How You Will Benefit:
- Create and implement a company-wide fixed asset strategy and policy
- Develop a comprehensive fixed asset procedures guide
- Coordinate with your accounting and tax advisors on asset management
- Lower your company's real property and personal property tax obligations
- Verify and maintain proper insurance protection for fixed assets
- Prepare for full recovery of insured assets following a disaster or loss
- Evaluate and select appropriate fixed asset software systems
- Choose and implement effective bar-coding systems and technologies
- Plan and execute a complete fixed asset physical count
What You Will Cover:
- Building and structuring an effective fixed asset database
- Identifying key stakeholders invested in database accuracy
- Fixed asset reporting requirements for financial statements
- Fixed asset reporting requirements for income tax filings
- Fixed asset reporting requirements for property tax assessments
- Connecting the fixed asset database to property insurance needs
- Designing and conducting a fixed asset inventory
- Selecting appropriate fixed asset software and bar coding tools
- Managing Construction-In-Process (CIP) assets and database integration
Course Outline:
Learning Objectives
- Provide fixed asset managers with comprehensive knowledge and practical tools to maximize the return on your company's fixed asset investments
- Equip other organizational leaders with the information needed to effectively manage and protect fixed assets
Introduction to Fixed Asset Management
- Define fixed assets and distinguish them from intangible assets
- Recognize internal and external stakeholders who need effective asset management
- Define the responsibilities of the fixed asset manager and understand the importance of your role
Fixed Assets in Financial Statements
- Learn the U.S. accounting rules for recording fixed assets in financial statements
- Apply these rules to determine cost, useful life, depreciation method, salvage value, and other factors
- Work with your financial accounting team using these rules
- Understand that the FASB Codification is the source of these rules
- Recognize what the fixed asset database must track to comply with these rules
- Understand key differences between IFRS and U.S. GAAP for fixed assets
Fixed Assets on U.S. Income Tax Returns
- Learn the U.S. tax code rules for recording and reporting fixed assets on income tax returns
- Apply these rules to determine cost, useful life, depreciation method, salvage value, and other characteristics
- Navigate the complex and specific rules that apply to different asset categories
- Coordinate with your tax specialists on applying these rules
- Understand that the Internal Revenue Code and IRS publications provide these rules
- Consider state and international tax considerations
- Recognize what your fixed asset database must track to comply with tax rules
Fixed Assets on Property Tax Returns
- Understand the distinction between real property and personal property for tax purposes
- Identify opportunities for reducing the property tax burden
- Execute strategies for achieving property tax savings
Fixed Assets, Property Insurance, and Asset Maintenance
- Learn what insurable value means and how to determine it for each asset
- Establish effective working relationships with your insurance professional
- Ensure that your fixed asset database contains insurable value information
- Maintain detailed information about each asset needed to document losses
- Use the fixed asset database to support routine maintenance programs
The Fixed Asset Database and Fixed Asset Reporting
- Learn which fields and data elements are essential in a fixed asset database
- Compare standard database fields used by leading software vendors with your needs
- Develop an asset ID numbering system
- Decide whether to include asset photographs in your database
- Design an asset category structure that fits your business
- Identify which fixed asset reports your organization requires
Management Tools for the Fixed Asset Manager
- Outline the steps toward becoming an effective fixed asset manager
- Catalog the management tools used by successful fixed asset managers
- Recognize how interpersonal relationships affect fixed asset management success
- Evaluate hardware and software tools needed for creating and maintaining the database
Other Important Duties of the Fixed Asset Manager
- Research available tagging technologies and establish a tagging program
- Execute asset tagging, count, and tracking procedures
- Create control forms for asset location and transfers
- Apply the 2013 IRS capitalization guidelines for fixed assets
- Address questions about recording expensed items in the asset database
Fixed Asset Software
- Identify quality software vendors through online research
- Learn about the strengths and limitations of the software used by other organizations
- Establish your technical and business requirements for fixed asset software
- Prepare a detailed request for proposal for new software
- Follow best practices for implementing and deploying new fixed asset software
Taking a Fixed Asset Inventory and Inventory Reconciliation
- Develop a plan for conducting a physical asset count
- Create a detailed fixed asset inventory plan document
- Make key decisions about how assets will be tagged, barcoded, and documented
- Recruit and organize the inventory team
- Supervise the physical inventory process
- Compare inventory results to the database and resolve differences
Construction-in-Process Management and Control
- Explain how CIP management differs from managing completed fixed assets
- List the primary responsibilities of CIP management
- Learn about specialized software designed for CIP tracking
- Design a coding system for CIP projects
- Transition CIP records into the fixed asset database upon completion
- Execute ongoing CIP management responsibilities
Note: This seminar focuses on fixed asset management in profit-oriented organizations.
