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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
Testimonials (3)
workshops, open discussion
Renata Ostrowska - BFF Polska S.A.
Course - Planning and Risk Assessment
The fact that all the standard was reviewed and discussed with some examples, when needed and required.
Ioana
Course - ISO/IEC 27005 Information Security Risk Management
Hakan was very enthusiastic and knowledgeable