Course Outline

Introduction to Fixed Asset Management for Government

  • Definition and importance of fixed asset management within the public sector.
  • Impact on financial reporting and compliance with government regulations.
  • Integration with accounting and ERP systems for enhanced governance and accountability.

Classification and Configuration of Fixed Assets

  • Categorization of fixed assets according to International Financial Reporting Standards (IFRS) and relevant government standards.
  • Parameterization of asset data in accounting management systems to ensure accurate tracking and reporting.
  • Best practices for asset classification to support public sector workflows and governance.

Creation and Registration of Assets

  • Methods for acquiring assets and initial recognition processes for government entities.
  • Capitalization of associated costs in accordance with government accounting principles.
  • Workflows and approval processes for asset registration to ensure transparency and accountability.

Control and Monitoring of Assets

  • Identification and tracking of asset components to maintain accurate records for government use.
  • Scheduling maintenance and managing the lifecycle of assets to optimize public sector operations.
  • Risk mitigation strategies and internal control measures to ensure compliance with government regulations.

Depreciation and Amortization

  • Common depreciation methods used in government accounting, including Straight-Line, Diminishing Balance, and Units of Production.
  • Calculations for amortization based on asset type and useful life to ensure accurate financial reporting for government entities.
  • Maintenance of accounting records and understanding the financial implications for government operations.

Asset Movements and Transfers

  • Procedures for internal asset transfers within government agencies.
  • Generation of delivery and assignment records to maintain a clear audit trail for government assets.
  • Approval workflows and documentation requirements to ensure compliance with public sector standards.

Asset Disposal and Write-Offs

  • Causes and procedures for asset retirement within government organizations.
  • Accounting treatment of asset write-offs to ensure financial accuracy for government reporting.
  • Legal and compliance considerations in the disposal of government assets to maintain transparency and accountability.

Revaluation, Useful Life Adjustments, and Residual Value

  • Criteria for revaluing government assets and the financial impact on public sector financial statements.
  • Adjustments to useful life and residual value to reflect current asset conditions in government accounting.
  • Reporting requirements for revaluation in financial statements to ensure compliance with government standards.

Summary and Next Steps

Requirements

  • Basic understanding of accounting principles for government
  • Familiarity with financial reporting and regulatory compliance
  • No prior experience with fixed asset management is required

Audience

  • Asset management personnel
  • Accounting and finance professionals
  • Internal auditors and compliance officers
  • Procurement and operations managers
 14 Hours

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