Fixed assets management and control
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This document discusses the importance of fixed asset management and control procedures for projects. It defines a fixed asset as a high-value asset with a useful life of over one year, such as vehicles, furniture, and equipment. Fixed assets need to be managed through registers like the Fixed Assets Register (FAR) and Fixed Assets Issue Register (FAIR) to track details, locations, and custodians. Standard control procedures include tagging assets, insuring high-value items, conducting physical inventories, and cross-referencing financial and asset records. Physical verification helps ensure assets still exist and are in good condition by comparing book balances to physical counts.
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Fixed assets include long-term tangible assets used in operations rather than for resale. An audit of fixed assets verifies existence and ownership, examines valuation methods, and ensures accuracy of transactions and depreciation. Internal controls over fixed assets include authorization of purchases and sales, physical control and recordkeeping, periodic inventory, and identification marking. Audit procedures include physical observation, document inspection, record reconciliation, recalculation, confirmation, and inquiries.
4. Management and optimisation
The document discusses various tools that companies use to manage assets effectively, including accounting tools, utilities management systems, service level agreement monitoring tools, and business intelligence tools. Accounting tools ensure assets are properly accounted for, tracked, and verified. Utilities management systems collect operational data from assets. SLA monitoring tools track maintenance responsibilities and commitments. Business intelligence tools analyze data from the other systems to produce useful insights for decision making. Implementing these asset management systems can help companies optimize asset usage and performance while reducing costs.
Fiar infographic-ifs
Financial Improvement and Audit Readiness (FIAR) infographic. A synposis of FIAR guidance with added insights from USAF expert on the importance of maintenace, repair and overhaul, military logistics, sustainment and other underappreciated elements of FIAR.
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This document summarizes a summer internship project report on fixed asset management for ICICI Bank Private Limited. It includes a declaration by the intern confirming the work is their own, a certificate from their project guide, and acknowledgements. The report covers an introduction to fixed asset management, the importance of tracking fixed assets, objectives of studying ICICI Bank's fixed asset management, methodology used, and techniques for analysis. It provides a high-level overview of the internship project and report.
Lecture 23 expenditure cycle part ii -fixed assets accounting information sy...
The document discusses fixed asset systems and their differences from inventory systems. Fixed asset systems process transactions for acquiring, maintaining, and disposing of long-term assets like land, buildings, and equipment. They record asset costs, depreciation, and location. Fixed asset transactions require approval since assets are long-term investments, unlike routine inventory purchases. Additionally, fixed assets are capitalized and depreciated over multiple periods, unlike inventories which are expensed immediately. The document also describes the acquisition, maintenance, and disposal processes in a computerized fixed asset system and the authorization and verification controls used.
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This document summarizes IAS 16, which provides guidance on accounting for property, plant, and equipment. It defines property, plant, and equipment and outlines the requirements for initial recognition, measurement, depreciation, and impairment. Key aspects covered include determining the cost of self-constructed or exchanged assets, capitalizing major repairs/replacements, and allowing use of either the cost model or revaluation model for subsequent measurement.
PROCESS ENGINEERING & ECONOMICS - COST ACCOUNTING & ESTIMATION
The document provides details on accounting procedures and concepts. It discusses:
1. The basic accounting equation that assets must equal liabilities plus equity. It explains debits and credits in accounting entries.
2. How accounting records like journals and ledgers are used to record transactions and summarize them in a trial balance.
3. Key financial statements like the balance sheet and income statement. The balance sheet presents assets, liabilities, and equity on a particular date while the income statement shows profits/losses over a period.
4. Illustrative examples are provided of balance sheet preparation from trial balance details for different companies. Accounting ratios and limitations of financial statements are also briefly covered.
Uniform guidance on property management for federal grantees
Federal grantees face challenges in managing equipment purchased with grant funds. They must comply with Uniform Guidance which requires safeguarding equipment, conducting physical inventories every two years, and properly tracking and disposing of equipment. Non-compliance can result in lost funding. Grantees often struggle to track equipment by multiple funding sources, locations, and condition over time. They also must manage insurance and disposition requirements. The document recommends a commercial equipment management software called eQuip! to help automate processes like tracking, inventory, and disposition in a cost-effective manner.
Class_31.05.2021-1 (1).pptx
Accounting is a systematic process of recording, analyzing and summarizing transactions of an entity.
The transactions are recorded in the books of original entry
The transactions are then analyzed and posted in the Ledgers
Finally, the transactions are summarized in the Financial Statements
The Objective of Financial Statements is to provide information about the reporting entity’s financial position and financial performance that is useful to a wide range of users in making economic decisions.
An accounting as an information system (AIS) is a system of collecting, storing and processing financial and accounting data that are used by decision makers. An accounting information system is generally a computer-based method for tracking accounting activity in conjunction with information technology resources.
AIS is a structure that a business uses to collect, store, manage, process, retrieve and report its financial data so that it can be used by accountants, consultants, business analysts, managers, chief financial officers (CFOs), auditors, regulators and tax agencies.
The guidelines of Islamic Banking issued by Bangladesh Bank through BRPD Circular # 15 dated 09.11. 2009
The Company Act 1994
The Bank Company Act 1991 (Amendment up to 2018)
The Securities and Exchange Rules ,1987
Bangladesh Financial Reporting Standards (BFRS)
International Accounting Standard (IAS) as adopted by the ICAB
The Financial Reporting Act 2015
Listing Regulation of Dhaka Stock Exchange & Chittagong Stock Exchange, and
Other applicable laws and regulations.
Fixed assets -tangible
Fixed tangible assets include land, buildings, plant and machinery, equipment, furniture, vehicles, and leasehold improvements. The cost of fixed assets includes the purchase price plus any additional expenditures incurred until the asset is ready for its intended use. Fixed assets are depreciated over their useful lives to match the cost to the periods benefited from use. Depreciation methods include straight line and written down value and aim to reflect the asset's declining value each year.
Verification and valuation of assets and liabilities
The document discusses the verification and valuation of various assets and liabilities. It defines verification as examining the existence and ownership of assets, while valuation determines their current worth. Some key points:
- Current assets include cash, debtors, prepaid expenses and stock. Fixed assets include land, buildings, plant and equipment. Intangible assets lack physical existence but can be realized, like goodwill.
- Verification includes examining documents like deeds and agreements to validate ownership and values. Valuation methods consider depreciation, market values, and accounting standards.
- Contingent assets and liabilities may arise in future and are disclosed in footnotes rather than accounted for. Events after the balance sheet may require
Chap003 jpm-f2011
The document provides an overview of key components and purposes of the balance sheet, including assets, liabilities, and shareholders' equity. It discusses current versus noncurrent items and compares US GAAP and IFRS standards. Additional sections cover disclosure notes, management responsibilities, auditors' reports, and financial metrics like liquidity and financing ratios.
Chap003 jpm-f2011
The document provides an overview of key components and purposes of the balance sheet, including assets, liabilities, and shareholders' equity. It discusses current versus noncurrent items and compares US GAAP and IFRS standards. Additional sections cover disclosure notes, management responsibilities, auditors' reports, and financial ratios used to analyze the balance sheet.
Class_1_20.11.20 (final).pptx
Accounting is a systematic process of recording, analyzing and summarizing transactions of an entity.
* The transactions are recorded in the books of original entry
* The transactions are then analyzed and posted in the Ledgers
Finally, the transactions are summarized in the Financial Statements
PPT AS 26.pptx. powerpoint presentation
This document summarizes Accounting Standard 26 regarding intangible assets. It defines intangible assets as non-physical assets that provide future economic benefits and are controlled by an entity. Examples include goodwill, patents, trademarks and software. Intangible assets must be recognized initially at cost and amortized over their useful lives, generally 10 years or less. When an intangible asset is retired or disposed of, any gain or loss is recognized in the income statement. An impairment loss is recorded if an asset's recoverable amount falls below its carrying value. The document also distinguishes between tangible and intangible assets.
PPT AS 26.pptx powerpoint presentation adv acc
This document summarizes Accounting Standard 26 regarding intangible assets. It defines intangible assets as non-physical assets that provide future economic benefits and are controlled by an entity. Examples include goodwill, patents, trademarks, and software. Intangible assets must be recognized initially at cost and amortized over their useful lives, generally using the straight-line method over 10 years. When intangible assets are impaired, an impairment loss is recognized to reduce the carrying amount. The document also distinguishes research and development phases for self-generated intangible assets and outlines accounting for disposals of intangible assets.
Unit inspection
Unit Inspection describes the process of inspecting units that have received loans from a bank. The goal is to ensure security provided matches statements, the business is run properly and profitably, and licenses and statutory dues are paid on time. A unit inspection goes beyond checking stock statements and physical goods, seeking to understand business operations and risks to the loan. Inspectors must prepare thoroughly, observe objectively, and report both positively and negatively on the unit's performance and risks.
Verification of Assets
This document discusses the auditor's procedures for verifying different types of assets. It explains that verification of assets involves examining records like the fixed asset register to check the accuracy of assets reported on the balance sheet. It provides examples of fixed assets like machinery, equipment, and vehicles. It also outlines the auditor's steps for verifying properties, checking for impairment, and ensuring proper valuation and disclosure of fixed assets in financial statements. The document provides similar guidance for verifying intangible assets like patents, trademarks, and copyrights.
Similar to Fixed assets management and control (20)
Lecture 23 expenditure cycle part ii -fixed assets accounting information sy...
Lecture 23 expenditure cycle part ii -fixed assets accounting information sy...
PROCESS ENGINEERING & ECONOMICS - COST ACCOUNTING & ESTIMATION
PROCESS ENGINEERING & ECONOMICS - COST ACCOUNTING & ESTIMATION
Uniform guidance on property management for federal grantees
Uniform guidance on property management for federal grantees
Verification and valuation of assets and liabilities
Verification and valuation of assets and liabilities
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The document discusses the Bangko Sentral ng Pilipinas (BSP) Economic and Financial Learning Program (BSP-EFLP), which aims to promote understanding of BSP policies through various educational activities, including lectures, discussions, and exhibits. It highlights the BSP-EFLP's Financial Learning Campaign for Overseas Filipinos and their beneficiaries, finding families who save and invest have significantly increased since 2007. The program has reached 80 out of 81 Philippine provinces through over 6,000 events attended by more than 670,000 people, and has also held 15 campaigns in 13 overseas cities with large Filipino populations.
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Miguel made video transfers to Zimbabwe and Uganda and can pick up the cash for those transfers via Mobile Money. Alma also made cinemagraphs that could involve video transfers to other countries with Mobile Money as a cash pickup option.
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Project Greenback is an initiative to expand affordable remittance services for migrants. It launched in Turin, Italy in 2013 and has since expanded to locations in Europe and plans to launch in Southeast Asia, North America, and Haiti in 2015. The project takes an inclusive approach, working with remittance senders, public authorities, market players, community organizations and academics. It uses various strategies like financial education, market monitoring, migrant-led activities and workshops to promote competition and transparency. Evaluation of the Turin project found users had become more dynamic over time in changing remittance channels and more informed about costs, and more migrants were opening bank accounts.
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The document discusses Malaysia's money services business regulatory framework that supports the growth of remittance businesses. It notes that there are 33 non-bank remittance service providers that have over 2000 access points nationwide through branches and agents. Total outward remittances from Malaysia have been growing steadily under this regulatory regime, increasing at an average annual rate of 24.4% from 2011 to 2014. Promoting awareness of formal remittance channels and expanding financial inclusion among target groups like migrant workers and SMEs is an initiative proposed to further develop the remittance market.
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This document discusses strategies for maximizing the impact of remittances and migration. It recommends strengthening remittance markets through promoting competition, using intermediaries like microfinance institutions and postal services, and innovative models like mobile payments. It also suggests promoting financial inclusion through distribution channels, financial literacy programs, and cross-selling financial products. Finally, it proposes promoting investment of remittances and migrant savings through identifying investment opportunities, developing productive investment models like funds and bonds, and supporting skill development and entrepreneurship.
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The document discusses the work of FOMIN, a development organization that promotes financial inclusion in Latin America and the Caribbean. FOMIN works to pilot private sector solutions that empower low-income populations through equity investments, loans, and grants. It focuses on areas of finance, markets, and basic services. One of FOMIN's initiatives is a Remittances and Savings Program that funds 10 projects to promote the development of savings products targeted at remittance clients, with the goal of helping 40 million remittance recipients in the region access savings accounts. The program provides technical assistance and up to $500k per project for activities like product design, financial education, and testing new distribution channels for savings accounts.
David khoudour
David Khoudour presented at the 2015 Global Forum on Remittances and Development in Milan, Italy. He discussed how public policies can create an enabling environment for using remittances to finance development. Khoudour categorized public policies into migration policies, migration-related development policies, and non-migration sectoral development policies. Sectoral development policies in areas like financial services, agriculture, education, health, and social protection can influence remittance flows and investment by either complementing or substituting for remittances. Coordinating policies across sectors and better integrating migration into development strategies can improve how remittances support development.
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The document shows statistics on international migration trends from 1990 to 2050. It includes data on the global number of international migrants from 1990 to 2013, the largest migration corridors in 2013, and the projected change in working age and youth populations from 2015 to 2050.
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This document discusses leveraging migration, remittances, and diaspora for financing sustainable development. It notes that remittances total $440 billion globally, with $135 billion going to developing countries in Africa and Venezuela paying exorbitantly high costs of 8-12% and 20% for transfers within Africa. The document outlines monitoring remittance flows, expanding access to financial services for recipients, and developing capital market access for developing countries as areas that could help maximize development impact. It estimates that reducing costs, tapping diaspora savings and bonds, reducing migrant worker fees, and using future remittance flows as collateral could potentially mobilize over $100 billion for development.
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The document analyzes data from the 2013 Survey on Overseas Filipinos conducted by the Philippine Statistics Authority on the age groups and gender of overseas Filipino workers (OFWs). It finds that the largest segments are male OFWs aged 25-29 and 30-34, numbering over 280,000 each, while the second largest segments are female OFWs aged 25-29 and 30-34, numbering around 180,000-190,000 each. Overall, the data shows that OFWs between the ages of 25-34, both male and female, make up the largest shares of overseas workers from the Philippines.
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This document discusses the goals of migrants from Moldova and their level of interest in investing in their home country. It finds that the most common goals of migrants are to invest in businesses, prepare for emergencies, build homes, and educate children. However, most respondents said they did not know of any institutions that provide information or assistance to migrants. The document also shows that migrants from Moldova have moderate to high levels of interest in investing in private sector companies in their home country that could generate reasonable profits.
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This document discusses leveraging remittances for post-conflict development in Somalia. It notes that security has increased and piracy/insurgency has declined, while the diaspora is returning with human and financial capital. However, Somalia still faces challenges like lack of access to credit, high electricity costs, weak institutions, and an unskilled workforce. Remittances make up 45% of Somalia's GDP and the estimated 1 million person Somali diaspora remits $1.3 billion annually. Most remittances support essential household expenses, though some funds small businesses and development projects. The organization Shuraako supports SME growth by facilitating over $2 million in diaspora investments in Somalia across sectors like
Sierra leone stats chuwku
Sierra Leone has a population of 6.092 million people with a life expectancy of 46 years and GDP of $4.136 billion. The economy relies heavily on exports which make up 53% of GDP, while imports are 54% of GDP. Services and industry make up 33% and 8% of GDP respectively, while domestic credit from the financial sector is 15% of GDP and foreign direct investment was $144 million.
1 kinglsey
Diaspora Matters Ltd. is led by CEO Kingsley Aikins. The email address kingsley@diasporamatters.com suggests he is the CEO of the company. The brief document provides contact information for Kingsley Aikins as the CEO of Diaspora Matters Ltd.
Sabasaba mosinghi
The document discusses a Tanzanian post corporation located near the border with Burundi that serves over 250,000 customers and generates $300,000 in annual income. It also provides demographic details about the Kibondo district where the post office is located, noting that it has a population of 261,331 people, representing 0.6% of Tanzania's national population, with an average household size of 5 and regional population density of 57 people per square kilometer, with 70% of the regional population employed in agriculture.
De zwager iasci 7.1 b
This document discusses remittances and financial services for migrants. It provides data on annual expenditures, remittances, and savings for migrant households from 2009 and 2012. It also shows data on the demand for various services among migrants, such as ongoing advisory services, recruitment/employment services, and financial planning services. Finally, it presents data on migrants' access to and demand for various financial services, including private pensions, credit cards, education funds, mortgages, and business credit. The document was produced through research partnerships between the International Agency for Source Country Information and the Centre for Sociological, Political and Psychological Analysis and Investigations, funded by the European Union and Swiss Agency for Development and Cooperation.
Gfrd pinci v2
BancoPosta holds 45% of BP products while non-customers hold 55%. 30.3% of Nuovi Italiani customers, who are immigrants in Italy, hold only Postepay cards, while 32.1% hold only postal savings accounts. BancoPosta has an 8.7% market share of international money transfers from Italy in 2014, amounting to 5.3 billion euros.
Simone di castro gsma
The document discusses mobile money wallets and cross-border remittances. It notes that mobile money services have expanded greatly in recent years, with over 255 services across 89 countries. A new promising model for international transfers uses mobile money accounts as both the sending and receiving channels. However, several regulatory considerations need to be addressed for cross-border mobile money transfers, including permission to offer such services, meeting know-your-customer requirements across countries, transaction and balance limits, exchange control authorizations, data privacy, and disclosure/transparency requirements.
Max chion mastercard
The document discusses Mastercard's HomeSend network, which connects telecom partners, money transfer operators, and over 24,000 financial institutions to provide domestic and international money transfers via cards, mobile, and web. It enables transfers between banks, mobile wallets, and other payment providers in real-time through a single connection on an open network. The document also provides two case studies on how the HomeSend network has enabled a national ID program in Nigeria to promote financial inclusion, and allowed cross-border money transfers between MTN and Airtel customers in Ivory Coast and Burkina Faso.
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Fixed assets management and control
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- 9. Thank You