L17 Notes_Part_1 - Why 1 affects B/S this year and in the...

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Overview of Long-Term Assets 1. Perspective (B/S, Lease, risk/return, freight, art of embezzlement) 2. Acquiring Capacity 1. Whether to?, How much to?, What kind, Make or buy? and How to finance? 3. Valuation (cost ,amortization, impairment) 1. Cost 2. Amortization (theory, approach) 4. Asset in Operation 5. Disposal, Retirement, Sale 6. Presentation in Statements
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Property Management Process Overview Additions are the emphasis of the Fixed Asset Audit.
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Unformatted text preview: Why? 1. affects B/S this year and in the future. 2. it’s material 3. requires considerable judgment to record properly (cost) 4. all previously purchased assets have already been audited and the historical costs documented in the permanent file. On a first year engagement the fixed asset work would be more exhaustive. 5. This approach is relatively inexpensive...
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