A FAR (Fixed Assets Register) must
be kept in order to be in compliance with legislation
companies, etc. It allows a
company to keep track of details of each fixed asset, ensuring
control and preventing misappropriation of assets. It also
keeps track of the correct value of assets, which allows for
computation of depreciation and for tax and insurance
purposes. The FAR generates accurate, complete, and customized
reports that suits the needs of management.
A FAR also allows a company to
keep track of fixed assets that are not under simple, direct
control of the company. This means owned and leased assets,
assets under construction, and imported assets.
The FAR can also be used to aid
in capital budgeting and to keep track of amount provided for
Asset Retirement Obligation (ARO) in respect of each asset as
required by US GAAP (FAS – 143).
LMSL offers the following
Asset Auditing Service:
We will free your staff from the time consuming and tedious
task of a physical asset audit.
The investment in and maintenance
of assets are major items in every organisation's Balance
Sheet. The Asset Audit process will help you identify surplus
assets allowing you to make informed decisions based on
Tracking of asset movement
enables the last known location and/or person of the asset to
be identified and responsibility for the asset established.
All data pertaining to assets
available will be captured in our database and extensive
reports provided. In fact we will scan the Invoice and add it
to the data base. A photograph of the asset also can be
included in the database.
Extensive reports can be
provided dependant on the amount of data that we are able to
obtain, including maintenance, expiration of warranty,
depreciation, lease assets, asset movement etc.