A fixed asset is a physical item like a building, landed estate or an equipment component. In short, fixed asset management denotes an accounting process for monitoring the status of company assets, including the location, functioning condition and other specific characteristics of each asset.
Fixed asset accounting follows common practices such as depreciation, book value and taxation treatment. The methodology primarily pursues the goal of ensuring that all financial records of company are updated on a regular basis so they reflect the status of fixed assets in terms of current value as accurately as possible. Efficient fixed asset management requires following a succession of standardized steps, including the use of technology to recognize, catalogue and track movements of business assets from one location to another, as well as calculate any depreciation corresponding to each asset during successive tax periods.
Modern fixed asset management sees beyond the traditional tasks of cataloguing assets ...
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