There is always a chance, in any companies, that physical fixed assets is unmatched with its accounting book. And this, by the accounting principle and …

Due to its complexity and wide-range of risks inherent with the use of financial statement, developing an audit approach for financial instruments is crucial. Paradoxically; …

Reconciling physical fixed assets—into existing property records, is often the case of a company that has just established new policies for minimum capitalization going forward. …

Have you known that IRS has just issued notice on the 2012 standard mileage rates? Incase that you haven’t noticed just yet, here is the …

Following on the Financial Instruments Disclosures Part 1—where we have discussed about disclosures of financial instruments by categories, reclassifications disclosures, derecognition of financial assets disclosures, …

Fixed asset tagging is a good practice in the pursuit of better fixed assets physical control. Putting tags on fixed assets, not only help custodians …

IFRS 7, “Financial Instruments: Disclosures”, requires an entity to provide disclosures in their financial statements that enable users to evaluate (a) the significance of financial …

Virtually, every taxing jurisdiction relies on self-reporting of property additions and deletions. Annual reports are submitted. Municipalities then keep records by taxpayer showing on a …

Cost segregation studies are conducted for a variety of reasons (e.g., financial accounting, insurance purposes, property tax and income tax). After a number of years …

There is a very easy way to tell if you have been assigning appropriate lives to fixed asset in your company. Take the existing file …

There is a direct correlation between the costs of running a fixed-asset system, and the number of assets one is trying to control with that …

Impairment testing was introduced to ensure that the carrying amount of an asset recognized on the balance sheets does not exceed its recoverable amount. Therefore, …

Basically, analytical procedures consist of evaluations of financial information made by an auditor of plausible and expected relationships among both financial and non-financial data. The …

The times interest earned ratio indicates a firm’s long-term debt-paying ability from the income statement view. If the times interest earned is adequate, little danger …

Discretionary-cost ratio is used to analyze those cost that may easily be changed by management. Discretionary costs may be decreased when a company or department …

For some reasons, a company may change its accountant. Example:  ABC Company’s financial statement for 2011 fiscal year has been reviewed by Andrew Clarkson, CPA. …

Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2012 has just been announced by the IRS …

New income tax rate table for 2012 (inflation adjustment) has been released by the IRS on Thursday (October 20, 2011) and it’s effective in the …