Index
Accounting department, responsibility for internal control
Accounting Standards Codification (ASC)
ASC 350
ASC 360
ASC 805
ASC 820, Fair Value
American Institute of Certified Public Accountants (AICPA)
component depreciation proposal
practice aid on impairment
Amortization of intangible assets
ASC. See Accounting Standards Codification (ASC)
Assembled work force
Asset acquisition and disposal
Asset and liability approach
Asset life cycle
Asset tagging. See Tagging of property, plant, and equipment
Auction value. See also Liquidation value
Auditor’s attestation
Barcode tagging
Book value
Books and taxes, separate accounting for
Brand names. See Trade names
Buildings
component depreciation. See Component depreciation
useful life
Business combinations
assets acquired, flexibility of software in accounting for
detailed valuation of PP&E (de novo appraisal)
fair value of assets. See also Fair value
goodwill, accounting for
indexes, applying to target company’s asset register
insurance coverage issues
intangible assets acquired in
purchase price allocation (PPA)
target’s book value, carryover of
target’s property register, inaccuracies in
Business Enterprise Value (BEV)
Business units. See also Reporting units
Capital expenditures
Capitalization
acquisition of PP&E under IFRS
impact of capitalization levels
minimum level, increasing
optimum limit
overview
policy
theory
Cash flow
disclosures
Discounted Cash Flow analysis. See Discounted Cash Flow (DCF) valuation approach
financing
and impairment testing
investment
operations
Cash-based accounting
Cell phones, tagging
Chief Executive Officer (CEO), SOX compliance certification
Chief Financial Officer (CFO), SOX compliance certification
Collateral, fair value of
Component depreciation
cost segregation
for financial reporting
under IFRS
IRS requirements
overview
property taxes, impact on
for taxes
Consultants, use of
contingency fees, tax assessment appeals
software vendor selection
Cost accounting
Cost Approach
Cost basis
Cost indexes
Cost of Reproduction New Less Depreciation (CRNLD)
Cost segregation. See also Component depreciation
Customer relationships
Depreciation
books and taxes, separate records for
calculation of by property record system
capitalization theory and
changes in
component depreciation. See Component depreciation
and leasing
missing assets, continued depreciation of
software calculation of
tangible assets
useful life determination. See Useful life
Disclosures
cash flows
investment property, fair value
Discounted Cash Flow (DCF) valuation approach
Disposal of assets
Duff and Phelps
Earnings, effect of increasing capitalization levels
Earnings before depreciation
Earnings before interest, taxes, depreciation, and amortization (EBITDA)
Earnings per Share (EPS)
Economic life
Economic obsolescence
Enterprise resource planning (ERP)
Executive compensation
Fair market value (FMV)
and insurance value
personal property tax assessments
real estate tax assessments
Fair value
background
and book value
financial instruments
highest and best use
IFRS issues
impairment testing
and insurance value
intangible assets
liquidation value
long-lived assets
market participants
overview
property, plant, and equipment
property, plant, and equipment, impact of fair value reporting for
property tax assessments. See also Property taxes (personal property)
and purpose of valuation
reporting units
and Return on Assets (ROA) analysis
value in-exchange
value-in-use
Financial Accounting Standards Board (FASB)
accounting approaches
and asset write-ups under IFRS
component depreciation proposal
fair value
FASB Codification Topic 250
FASB Codification Topic 350
FASB Codification Topic 360
impairment testing
Statements of Financial Accounting Standards. See Statements of Financial Accounting Standards (SFAS)
Financial instruments
audits
fair value
Financial reporting
and component depreciation. See also Component depreciation
fair value determination
intangible assets
Fixed asset register. See also Property register
Functional obsolescence
Generally accepted accounting principles (GAAP)
capitalization
changes in accounting estimates
changes in useful life and depreciation
deferred tax accounting
depreciation
and fair value
goodwill
IFRS accounting compared
impairment testing. See also Impairment testing
internal control and
inventory of PP&E
trade name values
useful life of assets
Generally accepted auditing standards (GAAS)
“Ghost assets” (missing assets)
Goodwill
“Gresham’s Law of Accounting,”
Impairment
amortizable assets
goodwill
indefinite lived assets
indicators
missing assets
Impairment testing
amortizable intangible assets
annual requirement for
GAAP
goodwill
impairment charges
indefinite-lived assets
intangible assets
long-lived assets
overview
property, plant, and equipment
trade names
useful lives of assets in service, review of
Indefinite-lived assets, impairment
Insurance coverage
cost indexes, use of
insurable value versus fair value or fair market value
master property record, use of
overview
physical inventory and
proof of loss
self-insurance
valuation approaches
Insurance department, responsibility for internal control
Intangible assets
amortization
fair value
impairment testing
useful life
Internal auditor, responsibility for physical inventory
Internal control over fixed assets, overview
described
internal control over working capital
responsibility for
Sarbanes-Oxley requirements. See Sarbanes-Oxley Act (SOX)
Internal Rate of Return (IRR)
Internal Revenue Service (IRS)
Audit Guide on Cost Segregation
component depreciation requirements
International Accounting Standards (IAS)
IAS 16,
IAS 40 (investment property)
International Accounting Standards Board (IASB)
International Financial Reporting Standards (IFRS)
adoption of in U.S.
asset revaluation
component depreciation
cost of PP&E
and fair value
investment property
overview
Investment property, IFRS accounting for
Leasing
LIFO (last in, first out)
Liquidation value
Location of assets. See Tagging of property, plant, and equipment; Tracking of assets
Long-lived assets
capitalization. See Capitalization
depreciation and amortization, changes in
impairment testing. See also Impairment testing
useful life
Machinery and equipment
component depreciation under IFRS accounting
physical inventory. See also Physical inventory
Maintenance of equipment and useful life determination
Management
accountability of
responsibility for internal control over fixed assets
Market Comparables valuation approach
Market participants
Marshall & Stevens
Master file. See also Property register
Matching approach (income/expense and revenues/costs)
Mergers and acquisitions (M&A). See Business combinations
Missing assets
asset life cycle and
continued depreciation of
“ghost assets,”
impairment charges
physical inventory
write-off
“zombie assets,”
Paragon International
Pareto principle (80/20 rule)
Performance measurement
Periodic inventories
Personal computers
Physical inventory
approaches to
benefits of fewer assets
cost of
failure to require, reasons for
fully depreciated assets
judgment required
minimum dollar cutoff
missing assets. See Missing assets
need for
overview
partial versus total inventory
planning
property register, verifying accuracy of
recommendations
reconciliation to records
regulatory compliance
responsibility for
staff versus outsourcing
useful lives, revision of
Physical wear and tear
Plant engineering and maintenance department, responsibility for internal control
Product inventories
Property record system. See also Property register; Software
accounting department responsibility for
attitudes toward
auditors’ review of financial statements and
custodian of
depreciation calculation
inaccuracies
management accountability
use of
Property register
accuracy of
cost of maintaining
inaccuracies
insurance values
“zombie assets.” See “Zombie assets”
Property taxes (personal property)
appeals
and benefits of higher capitalization levels
cost indexes as source of FMV
fair market value, calculation of
fair value
overview
and physical inventory discrepancies
reporting value of property at acquisition
state laws
tax rates and equitable assessment of taxes
Public Company Accounting Oversight Board (PCAOB)
Raw materials
Real Asset Management
Real estate department, responsibility for internal control
Real estate investment trusts (REITs)
Real estate taxes
appeals
cost indexes, use of
fair market value, calculation of
overview
Reconciliation of assets to records
approaches
netting out ghost and zombie assets (gains and losses)
overview
and physical inventory
write-offs for depreciation of missing assets
Reporting units
Restatements
Return on Assets (ROA)
RFID (radio frequency identification)
Sage
Sale of assets. See Business combinations; Disposal of assets
Sarbanes-Oxley Act (SOX)
capitalization levels and
compliance certification
internal control over fixed assets
Securities and Exchange Commission (SEC)
Selling, general, and administrative (SG&A) costs
Software. See also Property record system
accountability of management
books and taxes, separate accounting for
cost indexing capability
cost of
depreciation calculation
flexibility
implementation
input, output, and reporting capabilities
overview
Real Asset Management
reports
Return on Assets (ROA) analysis
Sage
vendors, evaluating
State laws, property taxes
Statement of Cash Flows
Statements of Financial Accounting Standards (SFAS)
SFAS 141R. See also ASC 805 under Accounting Standards Codification (ASC)
SFAS 142 See also ASC 350 under Accounting Standards Codification (ASC)
SFAS 157, 150, 165. See also ASC 820, Fair Value under Accounting Standards Codification (ASC); ASC 820 under Accounting Standards Codification (ASC)
Tagging of property, plant, and equipment
asset tags, types of
barcode tagging
expensed assets
need for
outsourcing
overview
personal computers
Tagging of property, plant, and equipment (Continued)
and physical inventory
recommendations for
records of
RFID (radio frequency identification)
Tax accounting
and book accounting
useful life of assets
Tax department, responsibility for internal control
Taxes
ad valorem
capitalization levels and
component depreciation. See Component depreciation
property taxes. See Property taxes (personal property)
real estate. See Real estate taxes
Technological change (functional obsolescence)
Theft of property
Tracking of assets. See also Software
asset life cycle and
and capitalization levels, impact of increasing
tagging. See Tagging of property, plant, and equipment
Trade names
Trade-in of assets
Transfers of assets
Useful life
accounting theory
buildings
and capital expenditures, categories of
changes in
economic life determination
intangible assets
long-lived assets
and maintenance of equipment
overview
review of useful lives of assets in service
revision of
tangible assets, determining useful life of
Valuation. See also Fair market value (FMV); Fair value
in business combinations. See Business combinations
Cost Approach
Discounted Cash Flow (DCF) approach
insurance coverage
Market Comparables approach
reliability of
Value in-exchange
Value-in-use
Wear and tear
Work in process (WIP)
Working capital
“Zombie assets,”
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