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1、Best Practice Financial Processes: Fixed Assets 2 PwC175 Fixed Assets - Best Practice Objectives Fixed Assets Objectives To maintain a complete register of all the organisations fixed assets which reflects location, age, current values, associated cost centres To calculate depreciation consistently
2、with financial reporting requirements To optimise replacement policies To minimise ownership costs Organisation Asset recording integrated with maintenance and non financial data Centralised asset accounting Asset ownership devolved to business unit level People Control focused Challenge asset requi
3、sition proposals Processes Maintain asset register Acquisitions and disposals Depreciation charge Verifying asset base Maintaining of valuation basis Controls Asset verification Asset valuation Acquisition and disposal authorities Measures Number of assets maintained Cost of department Elapsed time
4、to record asset Information Systems Asset ledgers integrated with GL and AP Depreciation and project control by cost centre Automated depreciation calculation 3 PwC175 Maintain fixed asset register Control acquisitions and disposals Manage periodic asset depreciation Verify and value asset base Proc
5、ess Features Determine asset categories for internal and statutory purposes Monitor asset maintenance charges Apply insurance valuation to key assets Ensure asset responsibility at BU level Identify asset usage Set up appropriate control of asset acquisition and disposals across company Report on ac
6、quisitions and disposals on a monthly basis Monitor tax issues related to acquisitions or CIP Ensure BU responsibility for assets in their use and for disposal losses Depreciate at point of asset use Apply depreciation rules to asset classes Depreciation rates in management accounts in line with sta
7、tutory rates Links asset depreciation to production and product costs/development Revalue key assets on a regular basis based on book value and high risk Comprehensive asset verification on regular periodic or rolling basis where asset cannot be verified via technical assumptions (most telcos do not
8、 verify network assets: the fact that the network works is verification enough) Verify non capitalised assets System Features On line asset register holding key data and current cost allocation Cost code validation with GL Automatic links to AP and Project Accounting system to capture acquisitions R
9、evaluation of features and mass transfers of assets to new cost centres Leased asset features compliant with accounting standards Acquisition linked to purchase order and accounts payable ledger Disposals linked to sales ledger CIP linked to capital project accounting Effective tax management integr
10、ated with the fixed assets system Depreciation charged automatically to cost centres in GL Forecast asset depreciation for budget purposes Variable depreciation rules for classes of assets Assets can be grouped for depreciation rules Variable asset valuation mechanisms eg historic, current replaceme
11、nt Complete asset reports by physical location and cost centre Report on identified or missing assets Hold non capitalised physical assists for verification Bar coding of assets for verification Fixed Assets - Best Practice Features 4 PwC175 Fixed Assets - Measures/Cost Drivers No of Business Unit F
12、TEs per Fixed Assets FTE 90 percentileMedian10 percentile 5,200 1,400 350 10 percentile Median 90 percentile 7 31 151 Cost drivers Fixed Assets cost per Business Unit FTE (in s) Median 14 days 90 percentile 40 days 10 percentile 1 day Fixed Assets processing time Complexity of assets Number of asset
13、s on register Number of asset movements Complexity of depreciation policies Complexity of authorisation procedures Range of data held Number of users of data range Source: Statistics taken from Benchmarking database: 21 February 1997 5 PwC175 Separate fixed assets module Lack of asset ownership Cost
14、 of asset usage not attributed to product Performed by Finance Department Integrated systems for: Asset tracking via Geographical Information System (GIS) Asset usage Network Capacity Planning Asset Maintenance Capital project planning and control Product/service costing BU responsibility for owners
15、hip FromTo Fixed Assets - Trends 6 PwC175 Fixed Assets - Critical Success Factors These are a summary of the key business requirements, which must be met to achieve the objectives. Asset accounting policies clearly documented Appropriate coding by asset category established Authority levels clearly
16、defined Procedures surrounding Fixed Asset process are documented and communicated to staff Budgets in place for capital expenditure All existing assets identified and classified Staff trained in FA process and have clear roles and responsibilities Statutory and tax requirements understood FA calendar in place and communicated to staff Standing data set up on the system reflecting asset a
