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What's the big deal about fixed assets?
If the PCAOB starts to review auditor work papers dealing with Property, Plant, and Equipment (PP&E) on a more intensive basis, will your organization be ready? What if fair value reporting for PP&E were required?
As timely as it is complete, Internal Control of Fixed Assets peels back the layers surrounding the often-complex topic of internal controls for PP&E. This nuts-and-bolts book provides authoritative, step-by-step guidance on developing a system of internal controls for fixed assets, covering: IFRS versus GAAP: what you must know Internal…mehr
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What's the big deal about fixed assets?
If the PCAOB starts to review auditor work papers dealing with Property, Plant, and Equipment (PP&E) on a more intensive basis, will your organization be ready? What if fair value reporting for PP&E were required?
As timely as it is complete, Internal Control of Fixed Assets peels back the layers surrounding the often-complex topic of internal controls for PP&E. This nuts-and-bolts book provides authoritative, step-by-step guidance on developing a system of internal controls for fixed assets, covering:
IFRS versus GAAP: what you must know
Internal control, Sarbanes-Oxley, and the PCAOB
Capitalization and expense of PP&E
Depreciation for books and taxes
Contingent assets and liabilities
Internal auditing of PP&E
With up-to-the-minute discussion of IFRS and GAAP, this is a must-have guide for controllers, auditors, and CFOs, providing practical and proven advice on maintaining a functioning internal control system that will withstand the closest scrutiny from independent public accountants and, ultimately, the PCAOB. Get your existing system in order and stay far ahead of your competitors with the straightforward business analysis in Internal Control of Fixed Assets.
If the PCAOB starts to review auditor work papers dealing with Property, Plant, and Equipment (PP&E) on a more intensive basis, will your organization be ready? What if fair value reporting for PP&E were required?
As timely as it is complete, Internal Control of Fixed Assets peels back the layers surrounding the often-complex topic of internal controls for PP&E. This nuts-and-bolts book provides authoritative, step-by-step guidance on developing a system of internal controls for fixed assets, covering:
IFRS versus GAAP: what you must know
Internal control, Sarbanes-Oxley, and the PCAOB
Capitalization and expense of PP&E
Depreciation for books and taxes
Contingent assets and liabilities
Internal auditing of PP&E
With up-to-the-minute discussion of IFRS and GAAP, this is a must-have guide for controllers, auditors, and CFOs, providing practical and proven advice on maintaining a functioning internal control system that will withstand the closest scrutiny from independent public accountants and, ultimately, the PCAOB. Get your existing system in order and stay far ahead of your competitors with the straightforward business analysis in Internal Control of Fixed Assets.
Produktdetails
- Produktdetails
- Wiley Corporate F&A
- Verlag: Wiley & Sons
- 1. Auflage
- Seitenzahl: 210
- Erscheinungstermin: 8. März 2011
- Englisch
- Abmessung: 235mm x 157mm x 16mm
- Gewicht: 376g
- ISBN-13: 9780470539408
- ISBN-10: 0470539402
- Artikelnr.: 32695951
- Wiley Corporate F&A
- Verlag: Wiley & Sons
- 1. Auflage
- Seitenzahl: 210
- Erscheinungstermin: 8. März 2011
- Englisch
- Abmessung: 235mm x 157mm x 16mm
- Gewicht: 376g
- ISBN-13: 9780470539408
- ISBN-10: 0470539402
- Artikelnr.: 32695951
I wrote this one when I was a child myself, never had the proper timing to release it in a world where everything changes so fast, I couldn't be happier that I did wait before releasing this one. Along with many more of my Stephen King novels this one ranks above them all. It's designed so that even an eight year old can read it, an introduction to the spooky scary books I write. - King
Preface. Chapter 1: Internal Control, Sarbanes-Oxley, and the Public
Company Accounting Oversight Board. Internal Controls over Property, Plant,
and Equipment--Mandatory but Weak. Internal Controls over Working Capital.
Securities and Exchange Commission and Public Company Accounting Oversight
Board Scrutiny of Financial Statements. Why Do Auditors Not Spend More Time
on Property, Plant, and Equipment? Who Is Responsible for Internal Control
over Property, Plant, and Equipment? ''What Is So Hard about the Job?''.
Note. Chapter 2: Capitalization versus Expense. Capitalization Theory. Why
Capitalization Levels Matter. Consequences of Increasing Minimum
Capitalization Level. What Is the Optimum Capitalization Limit? Summary.
Note. Chapter 3: Asset Life Cycle--Controls and Software. Software Is the
Key. Input, Output, and Reporting Capability. How to Evaluate Software
Vendors. Assign Responsibility for Implementation and Beyond. Charging
Departments Will Ensure Individual Responsibility. Return on Investment
Analysis. Summary. Note. Chapter 4: Depreciation and Amortization for Books
and Taxes. Internal Control for Depreciable Tangible Assets. Determining
Useful Lives Whenever New Assets Are Acquired. Choosing Accounting Lives.
How Valuation Specialists Determine Economic Lives. Determining Lives for
Intangible Assets. Changing Lives and Depreciation for Existing Assets.
Leasing as a Way to Utilize Depreciation. Summary. Note. Chapter 5:
Impairment Testing. Testing Intangible Assets That Are Not Amortized.
Testing for Impairment of Property, Plant, and Equipment, and Amortizable
Intangibles. Reviewing Lives for Assets Already in Service. Testing for
Goodwill. Reporting Units. Determining the Fair Value of a Reporting Unit.
Phase II Test of Accounting Standards Codification 350. Understanding
Impairment Charges. Summary. Note. Chapter 6: Physical Control of Property,
Plant, and Equipment. Tagging of Property, Plant, and Equipment.
Alternative Tagging Methods. Barcode Tagging. Radio Frequency
Identification Tags. Asset Tagging for Expensed Assets. Recommendation.
Summary. Notes. Chapter 7: Taking a Physical Inventory. Planning and Using
the Physical Inventory. Who Should Be Responsible? Use Own Staff, or
Outsource? What Minimum Dollar Cutoff Should We Use? Initial Effort-Partial
Facility versus Total. The $64,000 Question--Assets to Listing or Listing
to Assets? Reconciliation of the Inventory to the Records. Fully
Depreciated Assets. Reconciliation Process. Revised Asset Lives. Summary.
Note. Chapter 8: Reconciliation of Physical Inventory to Accounting
Records. Two Approaches to Reconciliation. Ghost Assets. Zombie Assets.
Netting Out Ghost and Zombie Assets--Is It Permissible? Netting Out Gains
and Losses. Performing the Inventory and Reconciliation Piecemeal. Summary.
Chapter 9: Fixed Assets in a Business Combination. Carryover of Target's
Book Value. Applying Indexes to the Target Company's Asset Register.
Inaccuracies in the Target's Asset Property Register. Detailed Valuation of
Property, Plant, and Equipment. Summary. Note. Chapter 10: Insurance for
Fixed Assets. Using the Master Property Record for Insurance. Insurable
Values Are NOT Fair Value or Fair Market Value. How Appraisers Determine
Insurable Values. Indexing. Proof of Loss. Summary. Chapter 11: Property
Taxes--Personal Property and Real Estate. Reporting Fair Market Values upon
Acquisition. Equity among Taxpayers. Appealing Personal Property Tax
Assessments. Indexed Costs May Not Reflect Fair Market Value of Property,
Plant, and Equipment. Real Estate Taxes and Appeals. ''Contingency''
Consultants. Summary. Note. Chapter 12: Developing the Fair Value of Fixed
Assets. What Is the Fair Value of Property, Plant, and Equipment? Value
in-Use of Property, Plant, and Equipment. What Would Happen if Fair Value
Reporting for Property, Plant, and Equipment Was Required? Connection
between Fair Value and Book Value. What Would Investors Learn from Fair
Value Disclosures of Property, Plant, and Equipment? Summary. Chapter 13:
Control of Fixed Assets under International Financial Reporting Standards.
Component Depreciation. Asset Revaluation. Investment Property. What Is the
''Cost'' of Property, Plant, and Equipment? Summary. Note. Chapter 14:
Component Depreciation for Buildings. International Financial Reporting
Standards Has a Different Approach. Component Depreciation for Taxes.
Complying with Internal Revenue Service Requirements. Internal Revenue
Service Review of a Cost Segregation Study. Cost Segregation Study for New
Construction. Will Cost Segregation Lower My Property Tax Expenses?
Componentization for Financial Reporting. Summary. Note. Appendix: Excerpt
of Internal Revenue Service Cost Segregation Audit Guide. Introduction.
What Are the Most Common Methodologies Utilized for Cost Segregation
Studies? What Are the Attributes of Various Cost Segregation Methodologies?
Detailed Engineering Approach from Actual Cost Records. About the Author.
Index.
Company Accounting Oversight Board. Internal Controls over Property, Plant,
and Equipment--Mandatory but Weak. Internal Controls over Working Capital.
Securities and Exchange Commission and Public Company Accounting Oversight
Board Scrutiny of Financial Statements. Why Do Auditors Not Spend More Time
on Property, Plant, and Equipment? Who Is Responsible for Internal Control
over Property, Plant, and Equipment? ''What Is So Hard about the Job?''.
Note. Chapter 2: Capitalization versus Expense. Capitalization Theory. Why
Capitalization Levels Matter. Consequences of Increasing Minimum
Capitalization Level. What Is the Optimum Capitalization Limit? Summary.
Note. Chapter 3: Asset Life Cycle--Controls and Software. Software Is the
Key. Input, Output, and Reporting Capability. How to Evaluate Software
Vendors. Assign Responsibility for Implementation and Beyond. Charging
Departments Will Ensure Individual Responsibility. Return on Investment
Analysis. Summary. Note. Chapter 4: Depreciation and Amortization for Books
and Taxes. Internal Control for Depreciable Tangible Assets. Determining
Useful Lives Whenever New Assets Are Acquired. Choosing Accounting Lives.
How Valuation Specialists Determine Economic Lives. Determining Lives for
Intangible Assets. Changing Lives and Depreciation for Existing Assets.
Leasing as a Way to Utilize Depreciation. Summary. Note. Chapter 5:
Impairment Testing. Testing Intangible Assets That Are Not Amortized.
Testing for Impairment of Property, Plant, and Equipment, and Amortizable
Intangibles. Reviewing Lives for Assets Already in Service. Testing for
Goodwill. Reporting Units. Determining the Fair Value of a Reporting Unit.
Phase II Test of Accounting Standards Codification 350. Understanding
Impairment Charges. Summary. Note. Chapter 6: Physical Control of Property,
Plant, and Equipment. Tagging of Property, Plant, and Equipment.
Alternative Tagging Methods. Barcode Tagging. Radio Frequency
Identification Tags. Asset Tagging for Expensed Assets. Recommendation.
Summary. Notes. Chapter 7: Taking a Physical Inventory. Planning and Using
the Physical Inventory. Who Should Be Responsible? Use Own Staff, or
Outsource? What Minimum Dollar Cutoff Should We Use? Initial Effort-Partial
Facility versus Total. The $64,000 Question--Assets to Listing or Listing
to Assets? Reconciliation of the Inventory to the Records. Fully
Depreciated Assets. Reconciliation Process. Revised Asset Lives. Summary.
Note. Chapter 8: Reconciliation of Physical Inventory to Accounting
Records. Two Approaches to Reconciliation. Ghost Assets. Zombie Assets.
Netting Out Ghost and Zombie Assets--Is It Permissible? Netting Out Gains
and Losses. Performing the Inventory and Reconciliation Piecemeal. Summary.
Chapter 9: Fixed Assets in a Business Combination. Carryover of Target's
Book Value. Applying Indexes to the Target Company's Asset Register.
Inaccuracies in the Target's Asset Property Register. Detailed Valuation of
Property, Plant, and Equipment. Summary. Note. Chapter 10: Insurance for
Fixed Assets. Using the Master Property Record for Insurance. Insurable
Values Are NOT Fair Value or Fair Market Value. How Appraisers Determine
Insurable Values. Indexing. Proof of Loss. Summary. Chapter 11: Property
Taxes--Personal Property and Real Estate. Reporting Fair Market Values upon
Acquisition. Equity among Taxpayers. Appealing Personal Property Tax
Assessments. Indexed Costs May Not Reflect Fair Market Value of Property,
Plant, and Equipment. Real Estate Taxes and Appeals. ''Contingency''
Consultants. Summary. Note. Chapter 12: Developing the Fair Value of Fixed
Assets. What Is the Fair Value of Property, Plant, and Equipment? Value
in-Use of Property, Plant, and Equipment. What Would Happen if Fair Value
Reporting for Property, Plant, and Equipment Was Required? Connection
between Fair Value and Book Value. What Would Investors Learn from Fair
Value Disclosures of Property, Plant, and Equipment? Summary. Chapter 13:
Control of Fixed Assets under International Financial Reporting Standards.
Component Depreciation. Asset Revaluation. Investment Property. What Is the
''Cost'' of Property, Plant, and Equipment? Summary. Note. Chapter 14:
Component Depreciation for Buildings. International Financial Reporting
Standards Has a Different Approach. Component Depreciation for Taxes.
Complying with Internal Revenue Service Requirements. Internal Revenue
Service Review of a Cost Segregation Study. Cost Segregation Study for New
Construction. Will Cost Segregation Lower My Property Tax Expenses?
Componentization for Financial Reporting. Summary. Note. Appendix: Excerpt
of Internal Revenue Service Cost Segregation Audit Guide. Introduction.
What Are the Most Common Methodologies Utilized for Cost Segregation
Studies? What Are the Attributes of Various Cost Segregation Methodologies?
Detailed Engineering Approach from Actual Cost Records. About the Author.
Index.
Preface. Chapter 1: Internal Control, Sarbanes-Oxley, and the Public
Company Accounting Oversight Board. Internal Controls over Property, Plant,
and Equipment--Mandatory but Weak. Internal Controls over Working Capital.
Securities and Exchange Commission and Public Company Accounting Oversight
Board Scrutiny of Financial Statements. Why Do Auditors Not Spend More Time
on Property, Plant, and Equipment? Who Is Responsible for Internal Control
over Property, Plant, and Equipment? ''What Is So Hard about the Job?''.
Note. Chapter 2: Capitalization versus Expense. Capitalization Theory. Why
Capitalization Levels Matter. Consequences of Increasing Minimum
Capitalization Level. What Is the Optimum Capitalization Limit? Summary.
Note. Chapter 3: Asset Life Cycle--Controls and Software. Software Is the
Key. Input, Output, and Reporting Capability. How to Evaluate Software
Vendors. Assign Responsibility for Implementation and Beyond. Charging
Departments Will Ensure Individual Responsibility. Return on Investment
Analysis. Summary. Note. Chapter 4: Depreciation and Amortization for Books
and Taxes. Internal Control for Depreciable Tangible Assets. Determining
Useful Lives Whenever New Assets Are Acquired. Choosing Accounting Lives.
How Valuation Specialists Determine Economic Lives. Determining Lives for
Intangible Assets. Changing Lives and Depreciation for Existing Assets.
Leasing as a Way to Utilize Depreciation. Summary. Note. Chapter 5:
Impairment Testing. Testing Intangible Assets That Are Not Amortized.
Testing for Impairment of Property, Plant, and Equipment, and Amortizable
Intangibles. Reviewing Lives for Assets Already in Service. Testing for
Goodwill. Reporting Units. Determining the Fair Value of a Reporting Unit.
Phase II Test of Accounting Standards Codification 350. Understanding
Impairment Charges. Summary. Note. Chapter 6: Physical Control of Property,
Plant, and Equipment. Tagging of Property, Plant, and Equipment.
Alternative Tagging Methods. Barcode Tagging. Radio Frequency
Identification Tags. Asset Tagging for Expensed Assets. Recommendation.
Summary. Notes. Chapter 7: Taking a Physical Inventory. Planning and Using
the Physical Inventory. Who Should Be Responsible? Use Own Staff, or
Outsource? What Minimum Dollar Cutoff Should We Use? Initial Effort-Partial
Facility versus Total. The $64,000 Question--Assets to Listing or Listing
to Assets? Reconciliation of the Inventory to the Records. Fully
Depreciated Assets. Reconciliation Process. Revised Asset Lives. Summary.
Note. Chapter 8: Reconciliation of Physical Inventory to Accounting
Records. Two Approaches to Reconciliation. Ghost Assets. Zombie Assets.
Netting Out Ghost and Zombie Assets--Is It Permissible? Netting Out Gains
and Losses. Performing the Inventory and Reconciliation Piecemeal. Summary.
Chapter 9: Fixed Assets in a Business Combination. Carryover of Target's
Book Value. Applying Indexes to the Target Company's Asset Register.
Inaccuracies in the Target's Asset Property Register. Detailed Valuation of
Property, Plant, and Equipment. Summary. Note. Chapter 10: Insurance for
Fixed Assets. Using the Master Property Record for Insurance. Insurable
Values Are NOT Fair Value or Fair Market Value. How Appraisers Determine
Insurable Values. Indexing. Proof of Loss. Summary. Chapter 11: Property
Taxes--Personal Property and Real Estate. Reporting Fair Market Values upon
Acquisition. Equity among Taxpayers. Appealing Personal Property Tax
Assessments. Indexed Costs May Not Reflect Fair Market Value of Property,
Plant, and Equipment. Real Estate Taxes and Appeals. ''Contingency''
Consultants. Summary. Note. Chapter 12: Developing the Fair Value of Fixed
Assets. What Is the Fair Value of Property, Plant, and Equipment? Value
in-Use of Property, Plant, and Equipment. What Would Happen if Fair Value
Reporting for Property, Plant, and Equipment Was Required? Connection
between Fair Value and Book Value. What Would Investors Learn from Fair
Value Disclosures of Property, Plant, and Equipment? Summary. Chapter 13:
Control of Fixed Assets under International Financial Reporting Standards.
Component Depreciation. Asset Revaluation. Investment Property. What Is the
''Cost'' of Property, Plant, and Equipment? Summary. Note. Chapter 14:
Component Depreciation for Buildings. International Financial Reporting
Standards Has a Different Approach. Component Depreciation for Taxes.
Complying with Internal Revenue Service Requirements. Internal Revenue
Service Review of a Cost Segregation Study. Cost Segregation Study for New
Construction. Will Cost Segregation Lower My Property Tax Expenses?
Componentization for Financial Reporting. Summary. Note. Appendix: Excerpt
of Internal Revenue Service Cost Segregation Audit Guide. Introduction.
What Are the Most Common Methodologies Utilized for Cost Segregation
Studies? What Are the Attributes of Various Cost Segregation Methodologies?
Detailed Engineering Approach from Actual Cost Records. About the Author.
Index.
Company Accounting Oversight Board. Internal Controls over Property, Plant,
and Equipment--Mandatory but Weak. Internal Controls over Working Capital.
Securities and Exchange Commission and Public Company Accounting Oversight
Board Scrutiny of Financial Statements. Why Do Auditors Not Spend More Time
on Property, Plant, and Equipment? Who Is Responsible for Internal Control
over Property, Plant, and Equipment? ''What Is So Hard about the Job?''.
Note. Chapter 2: Capitalization versus Expense. Capitalization Theory. Why
Capitalization Levels Matter. Consequences of Increasing Minimum
Capitalization Level. What Is the Optimum Capitalization Limit? Summary.
Note. Chapter 3: Asset Life Cycle--Controls and Software. Software Is the
Key. Input, Output, and Reporting Capability. How to Evaluate Software
Vendors. Assign Responsibility for Implementation and Beyond. Charging
Departments Will Ensure Individual Responsibility. Return on Investment
Analysis. Summary. Note. Chapter 4: Depreciation and Amortization for Books
and Taxes. Internal Control for Depreciable Tangible Assets. Determining
Useful Lives Whenever New Assets Are Acquired. Choosing Accounting Lives.
How Valuation Specialists Determine Economic Lives. Determining Lives for
Intangible Assets. Changing Lives and Depreciation for Existing Assets.
Leasing as a Way to Utilize Depreciation. Summary. Note. Chapter 5:
Impairment Testing. Testing Intangible Assets That Are Not Amortized.
Testing for Impairment of Property, Plant, and Equipment, and Amortizable
Intangibles. Reviewing Lives for Assets Already in Service. Testing for
Goodwill. Reporting Units. Determining the Fair Value of a Reporting Unit.
Phase II Test of Accounting Standards Codification 350. Understanding
Impairment Charges. Summary. Note. Chapter 6: Physical Control of Property,
Plant, and Equipment. Tagging of Property, Plant, and Equipment.
Alternative Tagging Methods. Barcode Tagging. Radio Frequency
Identification Tags. Asset Tagging for Expensed Assets. Recommendation.
Summary. Notes. Chapter 7: Taking a Physical Inventory. Planning and Using
the Physical Inventory. Who Should Be Responsible? Use Own Staff, or
Outsource? What Minimum Dollar Cutoff Should We Use? Initial Effort-Partial
Facility versus Total. The $64,000 Question--Assets to Listing or Listing
to Assets? Reconciliation of the Inventory to the Records. Fully
Depreciated Assets. Reconciliation Process. Revised Asset Lives. Summary.
Note. Chapter 8: Reconciliation of Physical Inventory to Accounting
Records. Two Approaches to Reconciliation. Ghost Assets. Zombie Assets.
Netting Out Ghost and Zombie Assets--Is It Permissible? Netting Out Gains
and Losses. Performing the Inventory and Reconciliation Piecemeal. Summary.
Chapter 9: Fixed Assets in a Business Combination. Carryover of Target's
Book Value. Applying Indexes to the Target Company's Asset Register.
Inaccuracies in the Target's Asset Property Register. Detailed Valuation of
Property, Plant, and Equipment. Summary. Note. Chapter 10: Insurance for
Fixed Assets. Using the Master Property Record for Insurance. Insurable
Values Are NOT Fair Value or Fair Market Value. How Appraisers Determine
Insurable Values. Indexing. Proof of Loss. Summary. Chapter 11: Property
Taxes--Personal Property and Real Estate. Reporting Fair Market Values upon
Acquisition. Equity among Taxpayers. Appealing Personal Property Tax
Assessments. Indexed Costs May Not Reflect Fair Market Value of Property,
Plant, and Equipment. Real Estate Taxes and Appeals. ''Contingency''
Consultants. Summary. Note. Chapter 12: Developing the Fair Value of Fixed
Assets. What Is the Fair Value of Property, Plant, and Equipment? Value
in-Use of Property, Plant, and Equipment. What Would Happen if Fair Value
Reporting for Property, Plant, and Equipment Was Required? Connection
between Fair Value and Book Value. What Would Investors Learn from Fair
Value Disclosures of Property, Plant, and Equipment? Summary. Chapter 13:
Control of Fixed Assets under International Financial Reporting Standards.
Component Depreciation. Asset Revaluation. Investment Property. What Is the
''Cost'' of Property, Plant, and Equipment? Summary. Note. Chapter 14:
Component Depreciation for Buildings. International Financial Reporting
Standards Has a Different Approach. Component Depreciation for Taxes.
Complying with Internal Revenue Service Requirements. Internal Revenue
Service Review of a Cost Segregation Study. Cost Segregation Study for New
Construction. Will Cost Segregation Lower My Property Tax Expenses?
Componentization for Financial Reporting. Summary. Note. Appendix: Excerpt
of Internal Revenue Service Cost Segregation Audit Guide. Introduction.
What Are the Most Common Methodologies Utilized for Cost Segregation
Studies? What Are the Attributes of Various Cost Segregation Methodologies?
Detailed Engineering Approach from Actual Cost Records. About the Author.
Index.