Fixed Asset Verification

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1. 1. “Fixed Assets are the assets held by enterprises which are used in manufacturing of goods or providing services or any other use but not for sale in ordinary course of business.”For example- Machinery, Furniture, Vehicles, Computer etc.
2. 2. Fixed asset management is an accounting practice that includes tracking, deterrence from theft, safeguarding and accurate evaluation of fixed assets.
3. 3. Recording of Fixed Assets Tracking of Location of Fixed Assets. Maintenance of Fixed Assets. Accurate valuation of Depreciation Various Reports under various regulation. Physical verification of fixed assets at regular intervals.
4. 4. Following points should be considered while recording fixed assets:- • All expenditure upto installation of asset should be capitalized. • VAT and Excise duty included in the invoice should be considered for input tax credit and CENVAT.