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1、Best Practice Financial Processes: Fixed Assets,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 with fina
2、ncial 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 requisition pr
3、oposals,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 to record
4、 asset,Information Systems,Asset ledgers integrated with GL and AP Depreciation and project control by cost centre Automated depreciation calculation,Maintain fixed asset register,Control acquisitions and disposals,Manage periodic asset depreciation,Verify and value asset base,Process Features,Deter
5、mine 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 acquisitions and dis
6、posals 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 statutory rates Links
7、 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 verify network as
8、sets: 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 Revaluation of feat
9、ures 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 integrated with the fixe
10、d 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 replacement Complete asset
11、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,Fixed Assets - Measures/Cost Drivers,No of Business Unit FTEs per Fixed Assets FTE,10
12、 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 assets on register Number of asset movements Complexity of depreciation policies
13、Complexity of authorisation procedures Range of data held Number of users of data range,Source: Statistics taken from Benchmarking database: 21 February 1997,Separate fixed assets module Lack of asset ownership Cost of asset usage not attributed to product Performed by Finance Department,Integrated
14、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 ownership,From,To,Fixed Assets - Trends,Fixed Assets - Critical Success Factors,These are a
15、 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 defined Procedures surrounding Fixed Asset process are documented and communicated to staff B
16、udgets 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 accounting policies Ability to model depreciation scenario,Inventory,Accounts Payable,Audit,Project accounting,Pu
