Buch, Englisch, 192 Seiten, Format (B × H): 157 mm x 235 mm, Gewicht: 464 g
Reihe: Wiley Corporate F&A
A Controller and Auditor's Guide
Buch, Englisch, 192 Seiten, Format (B × H): 157 mm x 235 mm, Gewicht: 464 g
Reihe: Wiley Corporate F&A
ISBN: 978-0-470-53940-8
Verlag: Wiley
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.
Autoren/Hrsg.
Fachgebiete
- Wirtschaftswissenschaften Betriebswirtschaft Unternehmensfinanzen Controlling, Wirtschaftsprüfung, Revision
- Wirtschaftswissenschaften Betriebswirtschaft Unternehmensfinanzen Finanzierung, Investition, Leasing
- Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Unternehmensfinanzierung
- Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Anlagen & Wertpapiere
Weitere Infos & Material
Preface.
Chapter 1 Internal Control, Sarbanes-Oxley, and the PCAOB.
Internal Controls over PP&E: Mandatory but Weak.
Internal Controls over Working Capital.
SEC and PCAOB Scrutiny of Financial Statements.
Why Do Auditors Not Spend More Time on PP&E?
Who Is Responsible for Internal Control over PP&E?
"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 PP&E 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 ASC 350.
Understanding Impairment Charges.
Summary.
Note.
Chapter 6 Physical Control of PP&E.
Tagging of PP&E.
Alternative Tagging Methods.
Barcode Tagging.
RFID 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 PP&E.
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 PP&E.
Real Estate Taxes and Appeals.
"Contingency" Consultants.
Summary.
Note.
Chapter 12 Developing the Fair Value of Fixed Assets.
What Is the Fair Value of PP&E?
Value in-Use of PP&E.
What Would Happen if Fair Value Reporting for PP&E Were Required?
Connection between Fair Value and Book Value.
What Would Investors Learn from Fair Value Disclosures of PP&E?
Summary.
Chapter 13 Control of Fixed Assets under IFRS.
Component Depreciation.
Asset Revaluation.
Investment Property.
What Is
