Description
Fixed assets are subject to an unusually large amount of record keeping, as well as very specific accounting treatment under the IFRS accounting framework. In addition, given the large expenditures involved in fixed assets and the complexity of the accounting, you can expect a high degree of auditor interest in this area.
Course Key Concepts:
- Concepts and rules for Property, Plant, and Equipment
- Revaluation methods under IFRS
- How to test and account for asset impairment
- How to calculate the depreciation of fixed assets under IFRS
- The types of controls needed to avoid the improper acquisition, recording, and disposition of fixed assets
- Explain the objectives and procedures used by auditors for fixed asset audits
- Explain when you should capitalize interest, and how to calculate it
- How to calculate the cost of an asset retirement obligation: retirements and other disposals of long-lived assets
- Nonmonetary (exchange) transactions
- Disclosure requirements
- Financial statement presentation
