To be able to control fixed assets, it requires a proper, yet clear procedures to define on how the fixed assets are valued and recorded. Such procedures should contains at least: (1) what steps are required to both value and record certain fixed assets; (2) who conducts the steps; (3) who reviews and confirm that all steps have been performed properly; and (4) who approve all those final records.
Here are fixed assets procedures to be created and maintained:
(1) Fixed Asset Purchase (Capital Used) Procedure; (2) Fixed Asset Payment Procedure; (3) Depreciation Procedure; (4) Fixed Assets Impairment Procedure; and (5) Fixed Asset Audit Procedure
Read also: Fixed Asset Policies