Fixed Asset Management Checklist ( FINANCE )

This checklist outlines the steps necessary to manage fixed assets effectively, ensuring proper tracking, valuation, and compliance with accounting standards.

• Asset Identification

  Identify and list all fixed assets owned by the organization, including their locations and responsible departments.

• Asset Valuation

  Determine the current value of each asset using appropriate valuation methods, considering depreciation and market value.

• Asset Registration

  Register each asset in the fixed asset management system, including details such as purchase date, cost, and useful life.

• Physical Inspection

  Conduct a physical inspection of all fixed assets to verify their existence and condition.

• Depreciation Calculation

  Calculate the depreciation for each asset according to the applicable accounting standards and update the records.

• Disposal Process

  Establish a process for disposing of any fixed assets that are no longer in use, ensuring compliance with regulations.

• Review and Reconciliation

  Regularly review and reconcile fixed asset records with financial statements to ensure accuracy and completeness.