Management ofPhysical Assets ToHandle IFRSCompliance in SageERP Accpac   Robert Lavery – Robert Lavery & Associates
Asset Management supports       IFRS Compliance by:1. the ability to enter Adjustments to Cost and   Accumulated Depreciat...
Asset Management supports       IFRS Compliance by:2. You also have the ability to enter Adjustment    Entries (for single...
Asset Management supports       IFRS Compliance by:3. You can also hold additional values for Assets    if you wish to see...
Asset Management supports       IFRS Compliance by:4. You could also create additional Depreciation    Methods for changes...
Asset Management supports       IFRS Compliance by:5. The Master Assets function allows you to    group “component” assets...
Asset Management supports       IFRS Compliance by:6. Norming Asset Accounting allows you to track   assets by Category, G...
Core Message – Norming Fixed AssetsSo as you can see, Norming Asset Management provides for lots of flexibility on how to ...
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Robert Lavery - Norming AM IFRS Compliance

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Robert Lavery - Norming AM IFRS Compliance

  1. 1. Management ofPhysical Assets ToHandle IFRSCompliance in SageERP Accpac Robert Lavery – Robert Lavery & Associates
  2. 2. Asset Management supports IFRS Compliance by:1. the ability to enter Adjustments to Cost and Accumulated Depreciation to separate GL Accounts (part of the Account Sets) so you have a complete and separate Audit Trail for any and all adjustments for Fixed Asset valuations which is one of the primary requirements for IFRS.2
  3. 3. Asset Management supports IFRS Compliance by:2. You also have the ability to enter Adjustment Entries (for single assets or in Bulk for a range of assets) for Book and Tax Values and to change the Depreciation Method, Rate and Useful Life at any time and have this transaction become part of the historical audit trail for the asset. This helps you adjust cost values to market values if that is how you wish to value and report on assets for IFRS.3
  4. 4. Asset Management supports IFRS Compliance by:3. You can also hold additional values for Assets if you wish to see the changes between Historical Cost and Adjusted Values for IFRS reporting through the “Optional Amount” field in the Asset Register on the Misc page.4
  5. 5. Asset Management supports IFRS Compliance by:4. You could also create additional Depreciation Methods for changes in policies and/or run the Depreciation Projection to do sensitivity analysis on the effect of changes in Depreciation Policies due to IFRS on your Depreciation Expense.5
  6. 6. Asset Management supports IFRS Compliance by:5. The Master Assets function allows you to group “component” assets together under 1 Asset ID number but treat each asset uniquely for accounting purposes so they have their own depreciation method, rate and life. The componentization of assets is a key requirement of IFRS tracking and reporting on Fixed Assets.6
  7. 7. Asset Management supports IFRS Compliance by:6. Norming Asset Accounting allows you to track assets by Category, Group, Location and Cost Centre so there are a number of ways to sort and select assets for reporting purposes.7
  8. 8. Core Message – Norming Fixed AssetsSo as you can see, Norming Asset Management provides for lots of flexibility on how to set up and manage your Fixed Assets for IFRS reporting. 8

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