普华永道财务管理最佳实践之固定资产管理

1、普华永道财务管理最佳实践之固定资产管理Best Practice Financial Processes: Fixed AssetsFixed Assets - Best Practice ObjectivesFixed AssetsObjectivesTo maintain a complete register of all the organisations fixed assets which reflects location, age, current values, associated cost centresTo calculate depreciation consiste

2、ntly with financial reporting requirementsTo optimise replacement policiesTo minimise ownership costsOrganisationAsset recording integrated with maintenance and non financial dataCentralised asset accountingAsset ownership devolved to business unit levelPeopleControl focusedChallenge asset requisiti

3、on proposalsProcessesMaintain asset registerAcquisitions and disposalsDepreciation chargeVerifying asset baseMaintaining of valuation basisControlsAsset verificationAsset valuationAcquisition and disposal authoritiesMeasuresNumber of assets maintainedCost of departmentElapsed time to record assetInf

4、ormation SystemsAsset ledgers integrated with GL and APDepreciation and project control by cost centreAutomated depreciation calculationMaintain fixedasset registerControl acquisitionsand disposalsManage periodicasset depreciationVerify and valueasset baseProcess FeaturesDetermine asset categories f

5、or internal and statutory purposesMonitor asset maintenance chargesApply insurance valuation to key assetsEnsure asset responsibility at BU levelIdentify asset usage Set up appropriate control of asset acquisition and disposals across companyReport on acquisitions and disposals on a monthly basisMon

6、itor tax issues related to acquisitions or CIPEnsure BU responsibility for assets in their use and for disposal lossesDepreciate at point of asset useApply depreciation rules to asset classesDepreciation rates in management accounts in line with statutory ratesLinks asset depreciation to production

7、and product costs/developmentRevalue key assets on a regular basis based on book value and high riskComprehensive asset verification on regular periodic or rolling basis where asset cannot be verified via technical assumptions (most telcos do not verify network assets: the fact that the network work

8、s is verification enough)Verify non capitalised assetsSystem FeaturesOn line asset register holding key data and current cost allocationCost code validation with GLAutomatic links to AP and Project Accounting system to capture acquisitionsRevaluation of features and mass transfers of assets to new c

9、ost centresLeased asset features compliant with accounting standardsAcquisition linked to purchase order and accounts payable ledgerDisposals linked to sales ledgerCIP linked to capital project accountingEffective tax management integrated with the fixed assets systemDepreciation charged automatical

10、ly to cost centres in GLForecast asset depreciation for budget purposesVariable depreciation rules for classes of assetsAssets can be grouped for depreciation rulesVariable asset valuation mechanisms eg historic, current replacementComplete asset reports by physical location and cost centreReport on

11、 identified or missing assetsHold non capitalised physical assists for verificationBar coding of assets for verificationFixed Assets - Best Practice FeaturesFixed Assets - Measures/Cost DriversNo of Business Unit FTEs per Fixed Assets FTE90 percentileMedian10 percentile5,2001,40035010 percentileMedi

12、an90 percentile731151Cost driversFixed Assets cost per Business Unit FTE (in s)Median14 days90 percentile40 days10 percentile1 dayFixed Assets processing timeComplexity of assetsNumber of assets on registerNumber of asset movementsComplexity of depreciation policiesComplexity of authorisation proced

13、uresRange of data heldNumber of users of data rangeSource: Statistics taken from Benchmarking database: 21 February 1997Separate fixed assets moduleLack of asset ownershipCost of asset usage not attributed to productPerformed by Finance DepartmentIntegrated systems for: Asset tracking via Geographic

14、al Information System (GIS) Asset usage Network Capacity Planning Asset Maintenance Capital project planning and control Product/service costingBU responsibility for ownershipFromToFixed Assets - TrendsFixed Assets - Critical Success FactorsThese are a summary of the key business requirements, which

15、 must be met to achieve the objectives.Asset accounting policies clearly documentedAppropriate coding by asset category establishedAuthority levels clearly definedProcedures surrounding Fixed Asset process are documented and communicated to staffBudgets in place for capital expenditureAll existing a

16、ssets identified and classifiedStaff trained in FA process and have clear roles and responsibilitiesStatutory and tax requirements understoodFA calendar in place and communicated to staffStanding data set up on the system reflecting asset accounting policiesAbility to model depreciation scenarioInve

17、ntoryAccounts PayableAuditProject accountingPurchasingGeneral LedgerFixed AssetsFixed Assets - Level 0 Context DiagramAsset data (depreciation etc)Goods issuedAsset details& asset paymentsMgt ReportsStatutory reportsAsset disposalsCapitalised assetsCommitmentsUnique asset identifierManagement Accoun

18、tingAccounts receivableMaintenanceMaintenace CycleCircuit ProvisioningUsage dataFixed Assets - Level 1 OverviewFA 1.1 Maintain Standing DataFA 1.2 Add AssetsFA 1.3 Dispose of AssetsFA 1.4 Maintain Asset RegisterFA 1.5 Perform Period End RoutinesFA 1.6 Verify Physical AssetsActivitiesFA 1.7 Answer Ad

19、hoc queriesRaise request e.g. new asset classPrepare formal requestReview and approve Set up new codes / dataNotify affected users and departmentsInput automatic dataInput manual dataAdd additional informationPost asset detailsReceive requestTransfer assetsAdjust assetsRevalue assetsCapitalise WIP a

20、ssetsReport on amendmentsWrite - off / down assetsCapitalised labour calculationDepreciation calculated Depreciation posted to GL Reconcile accountsSend monthly reports to ownersCompile accurate data for asset verificationConduct inventory checkHighlight exceptionsTrack asset history & reconcileUpda

21、te FA register & prepare GL journalsReceive requests for adhoc reportsProduce reports Select assets to disposeObtain quote if applicableSell / dispose of assetsNotify relevant accountantsRecord transactions in accountsReconcile GL accountsCalculate profit/loss on disposalChanges in FAPolicies and Pr

22、oceduresFA registerstructuremaintainedUpdated FA RegisterUpdated FAregister &reportsReconciledGL A/ csRequest for adhoc reportsReportsVerified FARegisterAuthorised GLadjustmentsAssets from AP or project accountingAsset AdditionnotificationGL a/ cs maintainedfor disposalUpdated FARegisterGL a/cs main

23、tainedfor additions Asset addition notificationAmend/update asset types or categoriesMaintain Standing DataFA 1.1Add AssetsFA 1.2Dispose of AssetsFA 1.3Maintain Asset RegisterFA 1.4Verify Physical AssetsFA 1.6Answer Adhoc QueriesFA 1.7AdjustmentsReportsNotification proceduresSystem validation contro

24、lsChange request proceduresAuthorisation rulesRequesterFA accountantFinance managerSystem controlsAccounting policiesDisposal procedures, validation procedures, authorisation, reconciliation proceduresCost centre manager, FA accounting staff,FA requester, financial managerReportsAP systemFA accounti

25、ng staffCost centre managersAuthorisation proceduresMaintenance policySystem controlsFA accounting staffCost centre managerManagement accountantDepreciation policiesMaintenance policiesSystems controlsMonth end reconciliationPeriod end timetableCost centre analysisFA accounting staffFA systemVerific

26、ation timetableInventory control systemAudit trialAuthorisation for write offsFA accounting staffInventory staffReporting guidelinesSystem controlsFA accounting staffFA systemsCost centre managersPerform Period End RoutinesFA 1.5Fixed Assets - Level 2 FA1.1 Maintain Standing DataFA 1.11 Raise reques

27、tFA 1.12 Prepare formal requestFA 1.13 Review and approveSub Processes / NotesFA 1.14 Set up new codes / dataSend request to FA accountant by e-mail with full explanation / reason for requestEvaluate request against current FA Register to identify actual need for new standing dataRaise request and a

28、ttach originalEvaluate requestCommunicate acceptance or rejection to originatorSet up standing data by FA AccountantReview set-up data and codes periodicallyFA 1.15 Notify affected users and groupsChanges inFA PoliciesandProceduresRequestFormal requestAcceptedrequestRejected requestActionedrequestFA

29、 RegisterstructuremaintainedAmend/updateasset typesor categories Raise requestFA 1.11Prepare formal requestFA 1.12Set up new codes / dataFA 1.14Notify affected users & groupsFA 1.15Send formal notification of set-upNotify that request rejected and whyChangerequestproceduresChangerequestproceduresAut

30、horisationrulesSystemvalidationcontrolsNotificationproceduresRequesterFA AccountantFinance ManagersFA AccountantFA AccountantReview and approveFA 1.13Fixed Assets - Notes on Maintain Standing DataBest Practice FeaturesAsset accounting polices clearly documented; Master Data set up on the system to r

31、eflect these policiesAppropriate coding by asset category establishedProcedures surrounding the Fixed Asset process are documented and communicated to staff including requirements for issuing new codesAsset Register Rules incorporated into Master File, which control issues of new numbers within stru

32、ctured coding schemeStaff trained in Fixed Asset Accounting processes and have clear roles and responsibilities. They should have a good understanding of network and engineering areasSupervisory staff understand statutory and tax requirementsInternal Control RequirementsOnce entered, updates should

33、be verified against the original requestsCodes will be received from the Master File and updates will be confirmed against the Master FileThe system will check that all required data fields are completeThere must be supervisory review for Master Data updatesKey Performance IndicatorsSpeed of update:

34、 time from receipt of request to modification and verification of records: this should not exceed one dayNumber of input errors when asset details are validated: this should be zeroCost DriversComplexity of assetsNew types of assetsNumber of changes to physical location codingFixed Assets - Level 2

35、FA1.2 Add AssetsFA 1.21 Input automatic dataFA 1.22 Input manual dataFA 1.23 Add additional informationFA 1.24 Post asset detailsSub Processes / NotesReceive asset addition notifications from AP into FA RegisterRun interfaces with AP to transfer invoice linesTag/label asset with unique identifierMan

36、ually enter assets which do not have invoice informationIdentify assets as ; WIP;Expenses; andCapitalised assets.Add additional asset datail to lines e.g.assign asset categories;split or merge assets; andadd to existing as cost adjustment.Assign asset lifeAssign asset to departmental manager, locati

37、on Post prepared lines to fixed asset registerAssets from AP orProject AccountingAsset additionnotificationAP lines withSkeleton detailsAP lines with additional informationAdded AssetsUpdated FA RegisterFA register structuremaintainedFA register structuremaintainedGL a/c maintained for additionsInpu

38、t automatic dataFA 1.21Add additional informationFA 1.23Post asset detailsFA 1.24Input manual dataFA 1.22System controlsAccounting policiesAccountingPoliciesSystemControlsAP SystemFA accounting staffSystem controls & accounting policiesFA accounting staffFA accounting staffFA accounting staffCost ce

39、ntre managersFixed Assets - Notes Add AssetsBest Practice FeaturesLinked databases used in recording asset details, to increase accuracy of the asset register and to eliminate duplicate paper trailsAppropriate asset “numbering” methods driven by users of asset information; bar coding used on relevan

40、t assetsDirect links to Project AccountingClear policy established for treatment of assets and guidance on how to classify different types of assets, to reduce the number of reclassifications neededSystem interconnection to MIS (Management Information Systems) for tax and insurance planningAssets id

41、entified by “custodian”, i.e. person who controls the asset, rather than a department or the company as a wholeUnified transfer pricing in all Business Units for asset transfersUse of asset transfer strategy to optimise the usage of assetsInternal Control RequirementsAsset number controlsAll asset r

42、egister updates reviewed after entry, to limit period end differencesUpdate details sent periodically to source and asset custodian (or other initiator of the update) for information and coroboration purposesKey Performance IndicatorsNumber of reconciliation at period end: if a reconciliation is nee

43、ded between Fixed Assets and other accounts, this indicates that one or other of the accounts is not up to dateNumber of changes processedNumber of verification adjustmentsCost DriversNumber of assetsAverage useful life of assets (i.e. rate of asset turnover)Number of changes in Master Data leading

44、to manual adjustments.(e.g. change in organisation codes)Number of revaluations / disposalsFixed Assets - Level 2 FA1.3 Dispose of AssetsSales priceand buyerconfirmedSale/DisposalcompletedAsset sale ordisposalregistered withAccounts deptFARegisterupdatedAssetsidentifiedfor disposalAsset disposalnoti

45、ficationInterfaceto GLFA 1.31 Select assets to dispose FA 1.32 Obtain quote (if applicable)FA 1.33 Sell / Dispose of AssetFA 1.34 Notify Accountants FA 1.36 Reconcile GL accountsSub Processes / NotesCost Centre managers identify items for disposal Cost Centre manager to obtain quote for asset, place

46、 item in auction, or advertise as appropriate Asset sold and monies received by Cost Centre managersCost Centre managers to ensure monies received for assets as agreed or expected from auctionInvoices raised by AR for sale of assets on creditCost Centre managers to notify FA staff /accounts of dispo

47、sals Cost Centre manager to ensure asset payment received and registered.Ensure FA register reconciles with asset values in GLGL maintained for DisposalsEnsure that all details of profit / loss have been recorded accurately to the correct cost centres in GL FA accountant to update register with disp

48、osalsFA 1.35 Record Transactions in accountsSelect assets to disposeFA 1.31Obtain quote (if applicable)FA 1.32Sell/dispose of assetsFA 1.33Notify financeFA 1.34Reconcile GL accountsFA 1.36GL a/csmaintainedfor disposalsUpdate FAregisterDisposal proceduresValuation proceduresAuthorisation proceduresDi

49、sposal proceduresDisposal proceduresReconciliation proceduresCost centre managersCost centre managersCost centre managersCost centre managerFA accounting staffFA registerFA accounting staffFinancial managerRecord transactions in accountsFA 1.35Fixed Assets - Level 2 FA1.4 Maintain Asset RegisterFA 1

50、.41 Receive RequestFA 1.42 Transfer Assets FA 1.43 Adjust AssetsFA 1.44 Write-off / down assetsSub Processes / NotesFA 1.45 Revalue AssetsFA 1.46 Capitalise WIP AssetsFA 1.47 Report on adjustmentsReceive request to alter fixed assets registerTransfer single asset between GL depreciation expense acco

51、unts or departmentsTransfer a group of assets between GL depreciation expense accounts or departmentsReserve adjustments i.e. adjust for accumulated depreciation for single or groups of assetsFully or partly write off assetsCalculate gains and losses before running depreciationRecognise go live stat

52、usCommence depreciationRevalue assetsRun depreciationRun reports detailing changes to FA registerSystems controlsUpdated FARegisterFA accounting staffCost centre managersManagement accountantAuthorisation proceduresMaintenance policyAsset register updatedReportsAuthorisation proceduresMaintenance po

53、licyFA Accounting staffCost centre managersReceive requestFA 1.4Transfer AssetsFA 1.42Adjust AssetsFA 1.43Write-off / down AssetsFA 1.44Revalued AssetsFA 1.45Capitalise WIP AssetsFA 1.46Report on adjustmentsFA 1.47FA accounting staffApproved requestFixed Assets - Level 2 FA1.5 Perform Period End Rou

54、tineSub Processes / Notes FA 1.52 Calculate depreciationFA 1.53 Post depreciation to GL FA 1.54 Reconcile accountsFA 1.55 Send monthly reports to asset ownersCalculate cumulative depreciation to date in the year based on current asset register with reference to relevant asset rulesPrepare all postin

55、gs for GL e.g. additions, disposals, depreciation, adjustmentsPost to GL automatically Reconcile Asset register to Balance SheetReport on adjustments / corrections required Generate standard month end asset / depreciation report for relevant managersReportsUpdated FAregister & reportsReconciled GLac

56、countsDepreciationamountsFA interface with GLAdjustmentsCalculate depreciationFA 1.52Postdepreciationto GLFA 1.53ReconcileaccountsFA 1.54Spend monthly reports to asset ownersFA 1.55Depreciation policiesMaintenance policiesSystems controlsMonth end reconciliationPeriod end timetableCost centre analys

57、isPeriod end timetableFA accounting staffFA accounting staffFA systemFA accounting staffFA accounting staffFA systemAdjustmentsFixed Assets - Notes Depreciation calculation Best Practice featuresIntegrated fixed asset systems to calculate depreciation charges for tax and accounting purposesDepreciat

58、ion rates by asset category are based on useful life of the asset, rather than designed to meet accounting requirements onlyConsistency of depreciation methods and rates across the businessInternal Control requirementsResults of depreciation run compared to expected amounts (from budget or forecast)

59、 to identify potential errors and over-runsUpdates to assets depreciation information must only be accepted if properly authorised and consistent with management/tax policyKey Performance Indicators Time taken to update depreciation data in fixed asset register at period close Reconciling items on d

60、epreciation accounts: should be zeroCost DriversNumber of depreciation ratesNumber of assetsFixed Assets - Notes Perform Period End RoutineBest Practice FeaturesAutomatic data flows between ledgers, e.g., between Fixed Asset Register and General Ledger, Project Accounting, etc., to remove manual rec