Fixed assets register

This query is : Resolved

Report Abuse Follow Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

09 July 2010 Is Manual register for fixed assets mandatory for companies?

Praveen Maniyar

Praveen Maniyar (Expert)
Follow

09 July 2010 Hi dear,

There is no requirement under companies act or any other law to maintain fixed asset register manually, You can maintain fixed asset register in soft copy.

Regards,

Praveen Maniyar

Jagruti (CS)

Jagruti (CS) (Expert)
Follow

09 July 2010 Yes it is mandatory. Directly it is not stated in the Companies Act. But Sec 209(1)(c) implies that same need to be maintained by the company.

Upgrade to CAclubindia Pro. Subscribe Now!

Jagruti (CS)

Jagruti (CS) (Expert)
Follow

09 July 2010 Ya but manually is not a criteria you can maintain soft copy duly certified by authorised person/Director

Ankur Garg

Ankur Garg (Expert)
Follow

09 July 2010 As per companies act fixed assets register is not mandatory at all. However if your company is covered by CARO, 2004 then it is mandatory for you to maintain the same.

In any case it is advisable to maintain the same for administrative convenience. You can maintain the same in soft copy. But again it is advisable to take printout at reasonable intervals and maintain a register.

Regards