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+--- Thread: Fixed Asset Register Format (/showthread.php?tid=8528)
Fixed Asset Register Format - ihtisham4 - 08-08-2010
Dear Forum members!
Please send me a Format of Fixed Asset Register Format Both in MS Excel sheet or Scanned copy of Fixed Asset Register, looking forward for your positive response in this regards. my email address is ihtisham4@yahoo.com
Ihtisham
- Information Consultant - 08-08-2010
Read the following text and ur email also
You can refer ICAP TR-6 for required minimum particulars that Company must maintain in a fixed asset register.
Following are the wordings of above-mentioned Technical Release issued by ICAP from its website-
ACCOUNTING
TR â 6 (Reformatted 2004 )
FIXED ASSETS INVENTORY AND RECORDS
1. THE ISSUE Section 230 of the Companies Ordinance, 1984 requires every company to keep proper books of accounts with respect to all assets of the company. Usually fixed assets comprise a significant portion of a companyâs assets. No guidance is available for companies as to how the fixed assets records be maintained. Accordingly, it is felt that guidance may be given to our members. Following are important aspects, which require maintenance of proper records that help in preparation of Financial Statements
(a) Periodic reconciliation of the underlying records of fixed assets with the accounting records (General Ledger).
(b) Reconciliation of the periodic physical inventory of fixed assets with fixed assets records.
© Determination of cost and accumulated depreciation of each item of fixed assets at the time of retirement or disposal.
2. TECHNICAL COMMITTEE RECOMMENDATIONS
2.1 Fixed Assets records
Adequate itemized record of fixed assets should be maintained which at minimum must indicate following particulars
(a) detailed description of each item
(b) original cost of the item
© date of its acquisition
(d) classification of the item
(e) the location and/or the custodian of the item
(f) the rate of depreciation
(g) accumulated depreciation
(h) depreciation charge for the period
(i) the department / cost center / product to which the depreciation is charged
(j) date of revaluation (if any)
(k) revalued amount (if any) of the items
(l) depreciation on revalued amount
(m) accumulated depreciation on the revalued amount
2.2 Physical inventory of fixed assets Physical verification of fixed assets should be carried out on a cyclical basis (perpetual inventory) according to a formal plan once in five year. The physical inventory should be reconciled with the fixed assets records and adjusted accordingly.
(165th and 166th meeting of the Council â July 30-31 and September 17-18, 2004)