Fixed Asset Accounting (Course Id 616)

Updated / QAS / Registry

Author :	Steven Bragg, CPA
Status :	Production
CPE Credits :	12.0
IRS Credits :	0
Price :	$103.95
Passing Score :	70%
NASBA Technical:	Yes
Primary Subject-Field Of Study:	Accounting - Accounting for Course Id 616
Description :	Fixed Asset Accounting addresses both the GAAP and IFRS accounting for all aspects of fixed assets, including their initial purchase, impairment, revaluation, and disposal. This fixed asset accounting course also covers the disclosure of fixed asset information, as well as related controls, measurements, record keeping, and policies and procedures.
Usage Rank :	0
Release :	2017
Version :	1.0
Prerequisites :	None.
Experience Level :	Overview
Additional Contents :	Complete, no additional material needed.
Additional Links :	How to Account for Fixed Assets with GAAP Chron com
Advance Preparation :	None.
Delivery Method :	Self-Study
Intended Participants :	Anyone needing Continuing Professional Education (CPE).
Revision Date :	07-Mar-2017
NASBA Course Declaration :	Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :	NASBA QAS - NASBA Registry - 616
Keywords :	Accounting, Fixed, Asset, Accounting, cpe, cpa, online course
Learning Objectives :	Course Learning Objectives Cite the general classifications of fixed assets. Identify the concepts used to evaluate fixed assets in the capital budgeting process. Note the accounting rules for the initial recognition of fixed assets. Cite the situations under which interest can be capitalized. Note the scenarios under which asset retirement obligations should be used and valuations assigned. Identify the methods used to depreciate fixed assets. Cite the instances in which the recorded amount of fixed assets may be adjusted at a later date. Note the accounting for an asset impairment. Note the accounting for assets to be derecognized in the accounting records. State the types of disclosures related to fixed assets. Cite the accounting rules related to the recordation of fixed asset transactions by not-for-profit entities. State the account structures and record keeping used for fixed assets. Recognize the controls to be used under specific circumstances when fixed assets are involved. Note the reasons for using fixed asset policies, and the circumstances under which certain policies and procedures are needed or not needed. Identify the methods used to track fixed assets, and the circumstances under which they are most useful. State the measurements that can be applied to fixed assets, and the circumstances under which they should be used. Note the fixed asset audit procedures that an auditor may employ, and the reasons for using them. Chapter 1 Introduction to Fixed Assets Cite the general classifications of fixed assets. Chapter 2 Capital Budgeting Analysis Identify the concepts used in the evaluation of fixed assets in the capital budgeting process. Chapter 3 Initial Fixed Asset Recognition Note the accounting rules for the initial recognition of fixed assets. Chapter 4 Interest Capitalization Cite the situations under which interest can be capitalized. Chapter 5 Asset Retirement Obligations Note the scenarios under which asset retirement obligations should be used and valuations assigned. Chapter 6 Depreciation and Amortization Identify the methods used to depreciate fixed assets. Chapter 7 Subsequent Fixed Asset Measurement Cite the instances in which the recorded amount of fixed assets may be adjusted at a later date. Chapter 8 Fixed Asset Impairment Note the accounting for an asset impairment. Chapter 9 Fixed Asset Disposal Note the accounting for assets to be derecognized in the accounting records. Chapter 10 Fixed Asset Disclosures State the types of disclosures related to fixed assets. Chapter 11 Not-for-Profit Fixed Asset Accounting Cite the accounting rules related to the recordation of fixed asset transactions by not-for-profit entities. Chapter 12 Fixed Asset Record Keeping State the account structures and record keeping used for fixed assets. Chapter 13 Fixed Asset Controls Recognize the controls to be used under specific circumstances when fixed assets are involved. Chapter 14 Fixed Asset Policies and Procedures Note the reasons for using fixed asset policies, and the circumstances under which certain policies and procedures are needed or not needed. Chapter 15 Fixed Asset Tracking Identify the methods used to track fixed assets, and the circumstances under which they are most useful. Chapter 16 Fixed Asset Measurements State the measurements that can be applied to fixed assets, and the circumstances under which they should be used. Chapter 17 Fixed Asset Auditing Note the fixed asset audit procedures that an auditor may employ, and the reasons for using them.
Course Contents :	Chapter 1 - Introduction to Fixed Assets What are Fixed Assets? The Fixed Asset Designation Fixed Asset Classifications Applicable Accounting Frameworks Accounting for Fixed Assets Accounting for Intangible Assets Accounting for Not-for-Profit Fixed Assets Fixed Asset Disclosures Fixed Asset Controls Fixed Asset Policies and Procedures Fixed Asset Record Keeping Fixed Asset Auditing Fixed Asset Measurements Chapter 2 - Capital Budgeting Analysis Overview of Capital Budgeting Bottleneck Analysis Net Present Value Analysis The Payback Method Discounted Payback Capital Budget Proposal Analysis The Outsourcing Decision The Capital Budgeting Application Form The Post Installation Review The Lease or Buy Decision Leasing Concerns Leasing Advantages Capital Budgeting with Little Cash Chapter 3 - Initial Fixed Asset Recognition The Capitalization Limit The Base Unit GAAP: The Initial Measurement of a Fixed Asset Patent Measurement Interpretive Commentary GAAP: The Measurement of Assets Acquired in a Business Combination GAAP: The Measurement of Assets Acquired in a Finance Lease GAAP: Non-Monetary Exchanges GAAP: Internal-Use Software GAAP: Website Development Costs IFRS: Initial Inclusions in a Fixed Asset IFRS: Initial Cost of a Fixed Asset IFRS: The Measurement of Assets Acquired in a Business Combination IFRS: The Measurement of Assets Acquired in a Finance Lease IFRS: Non-Monetary Exchanges IFRS: Website Development Costs IFRS: Internally Developed Intangible Assets Chapter 4 - Interest Capitalization Why and When Do We Capitalize Interest? Assets for Which Interest Must be Capitalized Assets for Which Interest is Not Allowed The Interest Capitalization Period The Capitalization Rate Calculating Interest Capitalization Derecognizing Capitalized Interest Interest Capitalization under IFRS Chapter 5 - Asset Retirement Obligations The Liability for an ARO The Initial Measurement of an ARO Subsequent Measurement of an ARO Settlement of an ARO Overview of Environmental Obligations Measurement of Environmental Obligations Recoveries Related to Environmental Obligations AROs Under IFRS Chapter 6 - Depreciation and Amortization The Purpose of Depreciation Depreciation Concepts Accelerated Depreciation Straight-Line Method Sum-of-the-Years’ Digits Method Double-Declining Balance Method Depletion Method Units of Production Method MACRS Depreciation The Depreciation of Land The Depreciation of Land Improvements Group Depreciation Composite Depreciation Depreciation Accounting Entries Accumulated Depreciation Depreciation Under IFRS Other Depreciation Topics Impact on Cash Flow Analysis Depreciation and Market Value Chapter 7 - Subsequent Fixed Asset Measurement The Capitalization of Additional Expenditures Asset Revaluation for Tangible Assets Asset Revaluation for Intangible Assets Chapter 8 - Fixed Asset Impairment Asset Impairment Under GAAP GAAP: Measurement of Asset Impairment GAAP: Impairment Testing Exemption for Intangible Assets GAAP: The Impact of Asset Retirement Obligations GAAP: Measurement of Disposal Losses on Assets Held for Sale GAAP: The Asset to be Tested GAAP: Timing of the Impairment Test GAAP: Accounting for the Impairment of an Asset Group GAAP: Reversing an Impairment Loss GAAP: Reversing a Disposal Loss Asset Impairment Under IFRS IFRS: The Impairment Test IFRS: The Asset to be Tested IFRS: Goodwill and Impairment Testing IFRS: Corporate Assets and Impairment Testing IFRS: Timing of the Impairment Test IFRS: Indications of Impairment IFRS: Intangible Asset Measurement IFRS: Determining Value in Use IFRS: Determining the Fair Value less Costs to Sell IFRS: Accounting for the Impairment of an Asset IFRS: Accounting for the Impairment of a Cash-Generating Unit IFRS: Reversing an Impairment Loss Chapter 9 - Fixed Asset Disposal Asset Derecognition The Held-for-Sale Classification Reclassification from Held for Sale Discontinued Operations Abandoned Assets Idle Assets Asset Disposal Accounting Asset Disposal under IFRS Chapter 10 - Fixed Asset Disclosures GAAP Disclosures GAAP: General Fixed Asset Disclosures GAAP: Asset Retirement Obligations GAAP: Capitalized Interest Disclosures GAAP: Change in Estimate Disclosures GAAP: Intangible Asset Impairment Disclosures GAAP: Intangible Asset Disclosures IFRS Disclosures IFRS: General Fixed Asset Disclosures IFRS: Capitalized Interest Disclosures IFRS: Change in Estimate Disclosures IFRS: Estimates of Recoverable Amounts IFRS: Held for Sale Disclosures IFRS: Impairment Disclosures IFRS: Intangible Asset Disclosures IFRS: Revaluation Disclosures IFRS: Optional Disclosures Chapter 11 - Not-for-Profit Fixed Asset Accounting Initial Recognition of Fixed Assets Restrictions on Contributed Assets Valuation of Contributed Assets Valuation of Contributed Services Valuation of Art and Similar Items Depreciation of Fixed Assets Recordation of Fixed Assets Fixed Asset Controls in a Not-for-Profit Entity Chapter 12 - Fixed Asset Record Keeping Fixed Asset Accounts Construction Project Record Keeping Building Record Keeping Equipment Record Keeping Land Record Keeping Lease Record Keeping Operating Lease Record Keeping Finance Lease Record Keeping Document Retention Fixed Asset Reports Depreciation Report Audit Report Responsibility Report Asset Replacement Report Maintenance Report Chapter 13 - Fixed Asset Controls Controls for Fixed Asset Acquisition Controls for Fixed Asset Construction Controls for Fixed Asset Theft Controls for Fixed Asset Valuation Controls for Fixed Asset Depreciation Controls for Fixed Asset Disposal The Control of Laptop Computers Chapter 14 - Fixed Asset Policies and Procedures Capital Budgeting Policies and Procedures The Capital Request Form Asset Recognition Procedures Asset Revaluation Policies and Procedures Asset Exchange Policies and Procedures Depreciation Policies and Procedures Impairment Policies and Procedures Asset Retirement Obligation Policies and Procedures Intangible Asset Policies and Procedures Transfer Policies Disposal Policies and Procedures The Asset Disposal Form Record Keeping Policies Tracking Policies and Procedures The Fixed Asset Manual Chapter 15 - Fixed Asset Tracking Tag Tracking Bar Code Tracking RFID Tracking – Active Transmission RFID Tracking – Passive Transmission Wireless Monitoring Chapter 16 - Fixed Asset Measurements Sales to Fixed Assets Ratio Repairs and Maintenance Expense to Fixed Assets Ratio Accumulated Depreciation to Fixed Assets Ratio Cash Flow to Fixed Asset Requirements Ratio Return on Assets Employed Return on Operating Assets Bottleneck Utilization Unscheduled Machine Downtime Chapter 17 - Fixed Asset Auditing Fixed Asset Audit Objectives Fixed Asset Audit Procedures Auditor Requests Appendix - Journal Entries Glossary

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Fixed Asset Accounting (Course Id 616)

Accounting - Accounting for Course Id 616

NASBA QAS - NASBA Registry - 616