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Fixed Asset Accounting

Fee:

$2,095

· QuickCode:

QQAGSY

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*When registering by phone, use Priority Code: XNNT

Provider:
AMA (American Management Association International)

Topic(s):
Finance & Accounting

Who Should Attend?
Accountants, controllers, managers of fixed assets, auditors, plant managers, program analysts

Full Seminar Description

Maximize your assets and protect your organization's investments with fixed asset accounting skills!

In this fixed asset accounting seminar you will learn to maximize your bottom line by discovering everything you need to know about your company's assets: what assets you have and where they are located…how to make sure they are fully utilized…how to reap the maximum tax benefits…and how to accurately assess their current value in today's economy.

HOW YOU WILL BENEFIT

• Maximize the tax benefits from your fixed assets using fixed asset accounting skills
• Familiarize yourself with the available options of popular F/A software systems
• Accurately appraise the value of your assets in today’s economy
• Set up paperwork, forms and systems to get timely, accurate information

WHAT YOU WILL COVER

• How to meet all accounting, tax, insurance and other requirements
• Value concepts
• Establishing the fixed asset accounting record
• Taking an inventory
• Property controls
• Perpetuating the property accounting system

Who Should Attend

Accountants, controllers, managers of fixed assets, divisional plant managers and all executives with two years or less of experience in fixed asset accounting.

Recommended CPE credit: 15 hours/Basic

Recommended for optimum learning benefit: familiarity with fundamentals of accounting (see AMA seminar # 1210).

Instructional Method— Group Live

Extended Description

Learning Objectives

• Gain a New Perspective on Rules, Regulations, and Tax Codes, as Well As Insurance Requirements
• Understand Potential Tax Benefits You May Be Currently Overlooking
• Review Requirements for your F/A Manual
• Understand F/A Record Keeping, Systems, Current Packages, and Transitions from One System to Another and Identify
• Explore and Identify F/A Property Controls
• Review Latest Techniques of F/A Identification and Inventory-Taking in Context of Current Federal Laws
• Learn How to Make F/A Management a Corporate Activity
• Learn How You Can Determine F/A Utilization and Value
• Understand Method of Accounting for Accumulated F/A Maintenance Costs
• To Clearly Distinguish Between Real Personal Property
• Consider More Answers to the Question About What Should or Could Be Expensed vs. Capitalized

Introduction

• Define and Discuss Who the Stakeholders Are
• Understand the Penalty for Not Reconciling Physical Assets with Perpetual Records
• Understand How F/A Accounting Relates to Corporate Valuation

Fixed Assets in Financial Statements

• Understand GAAP
• Understand the Various Methods of Depreciation and Related Rules
• Realize That Leased Assets Must Be Accounted For

Fixed Assets on Income Tax Returns

• Understand the Tax Codes Affecting Fixed Assets
• Understand What Special Tax Situations Are
• Have a Better Chronological Perspective on Tax Legislation

Fixed Assets on Property Tax Returns

• Understand Ad Valorem Taxes
• Realize Licenses Are a New Term for Taxation
• Discover Potential Tax Savings, Previously Overlooked
• Understand How to Classify and Distinguish Between Personal and/or Real Property

Fixed Asset Records and Risk Management (Insurance)

• Understand Risk Management Concerns
• Understand the Difference Between Accounting Book Value and Replacement Costs
• Understand What Is Needed from F/A Accounting to Substantiate an Insurance Loss

Corporate Policy and the Property Accounting Manual

• Understand the Requirements of an F/A Property Manua
l
• Understand the Content of an F/A Property Manual
• Understand a List of All Reference Materials and Related Documentation That Went into the Preparation of This Course and That Need to Be Provided for in an F/A Property Manual

Record Keeping and Automated Reporting Systems (FAMS)

• Understand Which Data Should Be Captured and for Whom
• Understand the Variety of Possible F/A-Related Reports
• Understand Aspects of Record Keeping, System Requirements, Software Features, and Database Considerations
• Gain Insight into Vendor Concerns and Considerations
• Be Aware of the Available Software and Who Is Using It

Capturing Fixed Asset Data

• Understand and Explore F/A Property Controls
• Gain New Insights on How to Have People Become More Cooperative, Informing F/A Accounting about Adds, Deletes, and Moves
• Understand the Features and Requirements of CIP
• Understand CIP Data Reference Requirements
• Understand CIP Disposition Codes and How to Handle Indirect Costs

Property Controls

• Appreciate How to Classify Assets
• Understand What Assets Can Be Grouped or Pooled and What Assets Might Need to Be Kept Separate to Facilitate Control
• Understand the Newest Ways to Tag and Physically Control Assets
• Understand What Responsibility Accounting Means
• Answer the Question: What Should or Could Be Expensed vs. What Could or Should Be Capitalized?

Taking Inventories

• Understand the Latest Techniques of F/A Identification and Inventory in the Context of Current Federal Laws
• Understand How to Make F/A Management a Corporate Activity
• Understand How to Determine F/A Unitization and Value (i.e., Condition Codes)
• Realize That Taking an F/A Inventory Can Be Fun and Exciting (If Treated as a Scavenger Hunt)

Converting to a New F/A System

• Understand Testing Procedures and Theories
• Realize the Benefits of a Steering Committee
• Be Leery of Conversion Defaults
• Appreciate the Importance of Implementation Training

Sponsor Background:

• provide comprehensive, hands-on training that is of practical use when you return to the job
• focus on need-to-know specifics, relevant to the demands of global business today
• offer the expertise and personalized attention of top-ranking instructors
• facilitate your career development and business savvy

Whether you're looking for a solid foundation of business fundamentals or strategies to help you seize growth opportunities for your company, AMA offers expert instruction to help you:

• manage your priorities effectively
• cultivate more productive working relationships
• increase your on-the-job value
• align your skills with marketplace demands
• bring out the best in people, processes and yourself

Cancellation and Refund Policy

If you cannot attend a seminar you may contact AMA in advance to transfer to a future session, or can send someone to take your place. If you need to cancel your attendance, AMA will give you a complete refund if you cancel more than three weeks before your seminar begins. To cancel, simply call. If you cancel with less than three weeks' notice, you will be liable for the entire seminar fee, however you may request a courtesy transfer to use at any future AMA seminar of equal or lesser value. The courtesy transfer must be used within one year of the date of your originally scheduled seminar. In fairness to all attendees, if you do not attend a seminar session for which you are confirmed, and do not cancel with a minimum of three weeks’ notice as described above, you will be charged the entire seminar fee.

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