CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

The Complete Guide to Fixed Asset Accounting

Icon_Self-Study
Self-Study
Icon_Level
Basic
Credits
CPE Credits
3 Credits: Accounting

Course Description

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.

Learning Objectives

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

Section 1

  • 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.

Section 2

  • 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.

Section 3

  • 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.

Section 4

  • 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.

Course Specifics

Course ID
1163231VID
Revision Date
April 22, 2020
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

Course Instructor

Steven M. Bragg Headshot
Steven M. Bragg, CPA

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast. Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and an auditor with …

Steven M. Bragg, CPA Read More »

The Complete Guide to Fixed Asset Accounting

Expert Instructors
Format
CPE CREDITS
3 Credits: Accounting

$147.00

Icon_Self-Study
Self-Study
Icon_Level
Basic
Credits
CPE Credits
3 Credits: Accounting

Course Description

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.

Learning Objectives

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

Section 1

  • 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.

Section 2

  • 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.

Section 3

  • 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.

Section 4

  • 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.

Course Specifics

Course ID
1163231VID
Revision Date
April 22, 2020
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

Course Instructor

Steven M. Bragg Headshot
Steven M. Bragg, CPA

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast. Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and an auditor with …

Steven M. Bragg, CPA Read More »

The Complete Guide to Fixed Asset Accounting

Expert Instructors
Format
CPE CREDITS
3 Credits: Accounting

$147.00