Fixed assets are subject to an unusually large amount of record keeping, as well as somewhat different accounting treatment under the GAAP and IFRS accounting frameworks. 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.
The Complete Guide to Fixed Asset Accounting addresses all aspects of fixed asset accounting, including the most complex topics: asset impairments, asset retirement obligations, and asset revaluations. This course also addresses key controls, policies, and metrics.
Upon successful completion of this course, participants will be able to:
- Recognize differences between an expense and a fixed asset, as well as further classify a fixed asset into a fixed asset category; describe the methods used to evaluate a capital budgeting proposal; and describe which costs can be recognized as a fixed asset under purchase, acquisition, lease, and exchange transactions.
- Cite when you should capitalize interest, and how to calculate it.
- Identify how to calculate the cost of an asset retirement obligation; describe how to calculate the depreciation, depletion, and amortization of fixed assets; describe when you can capitalize subsequent expenditures; and explain how to revalue both tangible and intangible assets.
- Recall how to test and account for asset impairment, as well as explain the differences between the accounting standards for it, as stated under Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).
- Identify the proper classification for an asset that is to be disposed of, and describe how to properly account for it.
- Cite when a not-for-profit entity should capitalize a contributed asset, as well as the correct valuation at which to record it, and whether to depreciate it.
- Recognize how to classify fixed asset information into general ledger accounts and summarize related information about each asset; explain the types of controls needed to avoid the improper acquisition, recordation, and disposition of fixed assets as well as to mitigate the possibility of their theft; and explain the various fixed asset measurements that can be used to gain a greater understanding of the adequacy, return on, and utilization of fixed assets.
- Identify the objectives and procedures used by auditors for fixed assets, and the formatting of the reports they request from management.
Choose Your Preferred Format
Get immediate access to a robust collection of learning and reference materials, allowing you to dive deep into the information you need. Our self-study materials are authored by top-quality, industry experts who focus on helping you grasp concepts quickly using real-life examples. Download your CPE to any device, and take it with you so you can learn when and wherever you want. Complete your CPE with an online exam, and enjoy instant grading with the option to print your certificate immediately upon passing.
Our self-study materials are authored by top-quality, industry experts. You’ll receive a bound notebook of all the course materials, shipped to you within one business day. In addition, you’ll also have full online access. Each self-study package includes a robust collection of learning and reference materials to help you cover the information efficiently and put it into practice immediately.
Experience high-quality instruction with our Self-Study Videos, available to you 24/7. With more than 80+ videos currently in the Western CPE Self-Study Video library, you can see and hear our expert instructors deliver the information you need in a dynamic way that allows you to immediately apply your learning. Unlike a live course or webcast, you can complete the course on your own time, playing and pausing as needed. Self-Study Videos allow you to complete your CPE requirements on your own time.
Back to top