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by Alfred M. King
Internal Control of Fixed Assets: A Controller and Auditor's Guide
Title Page
Copyright Page
Dedication
Preface
CHAPTER ONE 1 - Internal Control, Sarbanes-Oxley, and the Public Company Accounting Oversight Board
INTERNAL CONTROLS OVER PROPERTY, PLANT, AND EQUIPMENT-MANDATORY BUT WEAK
INTERNAL CONTROLS OVER WORKING CAPITAL
SECURITIES AND EXCHANGE COMMISSION AND PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD SCRUTINY OF FINANCIAL STATEMENTS
WHY DO AUDITORS NOT SPEND MORE TIME ON PROPERTY, PLANT, AND EQUIPMENT?
WHO IS RESPONSIBLE FOR INTERNAL CONTROL OVER PROPERTY, PLANT, AND EQUIPMENT?
“WHAT IS SO HARD ABOUT THE JOB?”
NOTE
CHAPTER TWO 2 - Capitalization versus Expense
CAPITALIZATION THEORY
WHY CAPITALIZATION LEVELS MATTER
CONSEQUENCES OF INCREASING MINIMUM CAPITALIZATION LEVEL
WHAT IS THE OPTIMUM CAPITALIZATION LIMIT?
SUMMARY
NOTE
CHAPTER THREE 3 - Asset Life Cycle—Controls and Software
SOFTWARE IS THE KEY
INPUT, OUTPUT, AND REPORTING CAPABILITY
HOW TO EVALUATE SOFTWARE VENDORS
ASSIGN RESPONSIBILITY FOR IMPLEMENTATION AND BEYOND
CHARGING DEPARTMENTS WILL ENSURE INDIVIDUAL RESPONSIBILITY
RETURN ON INVESTMENT ANALYSIS
SUMMARY
NOTE
CHAPTER FOUR 4 - Depreciation and Amortization for Books and Taxes
INTERNAL CONTROL FOR DEPRECIABLE TANGIBLE ASSETS
DETERMINING USEFUL LIVES WHENEVER NEW ASSETS ARE ACQUIRED
CHOOSING ACCOUNTING LIVES
HOW VALUATION SPECIALISTS DETERMINE ECONOMIC LIVES
DETERMINING LIVES FOR INTANGIBLE ASSETS
CHANGING LIVES AND DEPRECIATION FOR EXISTING ASSETS
LEASING AS A WAY TO UTILIZE DEPRECIATION
SUMMARY
NOTE
CHAPTER FIVE 5 - Impairment Testing
TESTING INTANGIBLE ASSETS THAT ARE NOT AMORTIZED
TESTING FOR IMPAIRMENT OF PROPERTY, PLANT, AND EQUIPMENT, AND AMORTIZABLE INTANGIBLES
REVIEWING LIVES FOR ASSETS ALREADY IN SERVICE
TESTING FOR GOODWILL
REPORTING UNITS
DETERMINING THE FAIR VALUE OF A REPORTING UNIT
PHASE II TEST OF ACCOUNTING STANDARDS CODIFICATION 350
UNDERSTANDING IMPAIRMENT CHARGES
SUMMARY
NOTE
CHAPTER SIX 6 - Physical Control of Property, Plant, and Equipment
TAGGING OF PROPERTY, PLANT, AND EQUIPMENT
ALTERNATIVE TAGGING METHODS
BARCODE TAGGING
RADIO FREQUENCY IDENTIFICATION TAGS
ASSET TAGGING FOR EXPENSED ASSETS
RECOMMENDATION
SUMMARY
NOTES
CHAPTER SEVEN 7 - Taking a Physical Inventory
PLANNING AND USING THE PHYSICAL INVENTORY
WHO SHOULD BE RESPONSIBLE?
USE OWN STAFF, OR OUTSOURCE?
WHAT MINIMUM DOLLAR CUTOFF SHOULD WE USE?
INITIAL EFFORT—PARTIAL FACILITY VERSUS TOTAL
THE $64,000 QUESTION—ASSETS TO LISTING OR LISTING TO ASSETS?
RECONCILIATION OF THE INVENTORY TO THE RECORDS
FULLY DEPRECIATED ASSETS
RECONCILIATION PROCESS
REVISED ASSET LIVES
SUMMARY
NOTE
CHAPTER EIGHT 8 - Reconciliation of Physical Inventory to Accounting Records
TWO APPROACHES TO RECONCILIATION
GHOST ASSETS
ZOMBIE ASSETS
NETTING OUT GHOST AND ZOMBIE ASSETS—IS IT PERMISSIBLE?
NETTING OUT GAINS AND LOSSES
PERFORMING THE INVENTORY AND RECONCILIATION PIECEMEAL
SUMMARY
CHAPTER NINE 9 - Fixed Assets in a Business Combination
CARRYOVER OF TARGET′S BOOK VALUE
APPLYING INDEXES TO THE TARGET COMPANY′S ASSET REGISTER
INACCURACIES IN THE TARGET′S ASSET PROPERTY REGISTER
DETAILED VALUATION OF PROPERTY, PLANT, AND EQUIPMENT
SUMMARY
NOTE
CHAPTER TEN 10 - Insurance for Fixed Assets
USING THE MASTER PROPERTY RECORD FOR INSURANCE
INSURABLE VALUES ARE NOT FAIR VALUE OR FAIR MARKET VALUE
HOW APPRAISERS DETERMINE INSURABLE VALUES
INDEXING
PROOF OF LOSS
SUMMARY
CHAPTER ELEVEN 11 - Property Taxes—Personal Property and Real Estate
REPORTING FAIR MARKET VALUES UPON ACQUISITION
EQUITY AMONG TAXPAYERS
APPEALING PERSONAL PROPERTY TAX ASSESSMENTS
INDEXED COSTS MAY NOT REFLECT FAIR MARKET VALUE OF PROPERTY, PLANT, AND EQUIPMENT
REAL ESTATE TAXES AND APPEALS
“CONTINGENCY” CONSULTANTS
SUMMARY
NOTE
CHAPTER TWELVE 12 - Developing the Fair Value of Fixed Assets
WHAT IS THE FAIR VALUE OF PROPERTY, PLANT, AND EQUIPMENT?
VALUE IN-USE OF PROPERTY, PLANT, AND EQUIPMENT
WHAT WOULD HAPPEN IF FAIR VALUE REPORTING FOR PROPERTY, PLANT, AND EQUIPMENT WAS REQUIRED?
CONNECTION BETWEEN FAIR VALUE AND BOOK VALUE
WHAT WOULD INVESTORS LEARN FROM FAIR VALUE DISCLOSURES OF PROPERTY, PLANT, AND EQUIPMENT?
SUMMARY
CHAPTER THIRTEEN 13 - Control of Fixed Assets under International Financial REPORTING STANDARDS
COMPONENT DEPRECIATION
ASSET REVALUATION
INVESTMENT PROPERTY
WHAT IS THE “COST” OF PROPERTY, PLANT, AND EQUIPMENT?
SUMMARY
NOTE
CHAPTER FOURTEEN 14 - Component Depreciation for Buildings
INTERNATIONAL FINANCIAL REPORTING STANDARDS HAS A DIFFERENT APPROACH
COMPONENT DEPRECIATION FOR TAXES
COMPLYING WITH INTERNAL REVENUE SERVICE REQUIREMENTS
INTERNAL REVENUE SERVICE REVIEW OF A COST SEGREGATION STUDY
COST SEGREGATION STUDY FOR NEW CONSTRUCTION
WILL COST SEGREGATION LOWER MY PROPERTY TAX EXPENSES?
COMPONENTIZATION FOR FINANCIAL REPORTING
SUMMARY
NOTE
APPENDIX - Excerpt of Internal Revenue Service Cost Segregation Audit Guide
About the Author
Index
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