Enterprise Asset Management
Dear valued customer,
In recent years finance professionals and managers have had to cope with numerous changes in legislation and guidelines. One of the most prominent and important changes is the adoption of the International Accounting Standards Board’s International Financial Reporting Standards, commonly referred to as IFRS.
How does IFRS affect you?
Many South African companies are still finding the changes to IFRS traumatic. The biggest change occasioned by IFRS has been the fair valuation of assets. Previously, if you had a financial instrument on your balance sheet, you’d value it at the original cost. Now you need to provide market value for those assets or liabilities. And if there has been an impairment of sorts, you cannot show such assets at cost any more. You need to reflect what that asset would actually be valued at in the marketplace, as opposed to a number on the balance sheet that has little or no relevance to reality.
AccTech Systems offers specialist fixed asset management services that embrace IFRS. By addressing key areas and business processes, your fixed asset management improves without an investment in software system.
IFRS and asset management
IFRS requirements for asset management include:
- more analysis of fixed assets
- a different means of depreciation for finance leases and restatement for property
- open and customisable depreciation methods
- apply depreciation, revaluation and / or impairment to categories, subcategories or components of assets
- manage different valuations and processing for a given asset in parallel
- complete audit trail
AccTech Asset Management Division
AccTech Systems provides a turnkey Asset Management service that includes consultancy, the asset management process and review, physical asset auditing and tracking as well as a broad range of asset management applications. Choose a turnkey service or select the products and services that are most appropriate for your needs.
Good asset management doesn’t only revolve around the right software solution, but also involves realistic ambitions and practical processes that work. If you need to establish what assets you’ve got and where they are, our Asset Management Division provides a range of asset tracking services that help you understand what you physically have at each office, factory, site or home user based office.
If a software solution is appropriate for your needs, we offer a range of powerful, flexible, easy to use and fully scaleable software systems. All our solutions are ICAEW accredited. You will receive implementation support, training, Helpdesk and consultancy from our Client Services Division.