Upon successful completion of this course, participants will be able to:

Chapter 1

• State why construction in progress is a temporary account
• Identify an advantage of having many fixed asset classifications
• Define depreciation

Chapter 2

• Specify where constraint analysis is used
• Define throughput
• List a way the payback method works well in analyzing a budget

Chapter 3

• Identify fixed asset costs to be capitalized and how to value fixed assets acquired in a business combination
• Cite when to capitalize a lease
• State how to account for a major inspection under IFRS

Chapter 4

• Specify when to capitalize interest and which projects to capitalize interest on
• Cite when to terminate interest capitalization in a dependent completion project
• Define interest capitalization rate

Chapter 5

• Identify when to defer an asset retirement obligation and what to do with a retirement obligation when there is no probability distribution
• Define accretion expense

Chapter 6

• Define depletion
• Identify when an assumption is made using the mid-month convention
• Calculate first-year depreciation using the double declining balance method
• Specify when depreciating land is acceptable

Chapter 7

• Cite possible choices and best practices for situations under the IFRS revaluation model
• Identify when you are permitted to revalue fixed assets on a rolling basis

Chapter 8

• Identify what to do if an asset group is impaired
• Cite when it is permissible to reverse an impairment loss under GAAP
• Specify how to tell that a prior impairment loss has been reduced under IFRS

Chapter 9

• Cite how to measure fixed assets that are being moved out of held for sale status
• Identify proper accounting for abandoned, temporarily idle, or disposed of assets

Chapter 10

• Identify what should be disclosed under GAAP for capitalized interest or an impairment loss on an intangible asset
• Identify items not disclosed under IFRS concerning change of estimate information or optional fixed asset disclosure

Chapter 11

• Cite when to record a contributed asset as a gain and what may be recorded from contributions of art
• Cite proper recognition of conditional promises to give

Chapter 12

• Cite why a single accumulated depreciation account is advantageous
• Define chart of accounts
• Identify the purpose of the responsibility report and project cost sheet

Chapter 13

• Define a fixed asset acquisition control
• Identify what areas specific actions are designed to be controls for
• Cite what is included in a good corporate capitalization limit

Chapter 14

• Specify when an interest capitalization procedure is unnecessary
• Identify when fixed asset transfer policies are not being utilized best

Chapter 15

• Identify potential uses of a paper identification tag and an alternative to a metal tag
• List two benefits of bar code tags in asset tracking
• Identify what wireless monitors can and cannot track

Chapter 16

• Identify the effect of an increasing ratio of repairs and maintenance to fixed assets
• Identify a situation that are not best for using the fixed asset requirements ratio
• Specify the purpose of return on operating assets
• List effects of unscheduled machine downtime

Chapter 17

• Identify why auditors may perform actions like comparing the capital budget to actual purchases or match assets to a fixed asset register during a physical count
• Identify an audit activity related to fixed asset disposals
• Cite the purpose of the purchases detail binder