Asset Accounting – IFRS

Acctech Systems MiningFor over 15 years, AccTech Systems has designed, implemented and supported some of the largest Enterprise Asset Management implementations in the world. Building on this unrivalled experience, AccTech Systems has developed core methodologies and a structured framework to ensure we continue to provide professionally implemented solutions that work.

IFRS

IFRS currently applies to companies listed on EU stock exchanges. But it won’t stop there! The International Accounting Standards Board (IASB) has published a draft document on IFRS for small and medium enterprises. It is clear that IFRS will be the standard for all companies within the next few years.

IFRS and asset management

Just some of the IFRS requirements for asset management:

  • 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
  • provide complete audit trail

Can your current asset management software handle all this? If not, you need to contact us.

The Sarbanes-Oxley Act of 2002 was signed into law in the USA. The aim of the legislation is to ensure that business processes are reliable and that key managers are accountable. Sarbanes-Oxley (abbreviated to Sarbox) affects many larger companies, particularly those with US connections.

The key issue in Sarbox is accountability. Senior executives are required to sign personal undertakings that their accounts present an accurate view.