Fixed assets register

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

21 February 2012 Team

Greetings of the day

Can the Financial system outputs be termed as Fixed Assets Register ? To my understanding it is not.

The Financial information form part of the Fixed Assets Register.But the FAR has more information / data over and above Financials.

Please share your expert opinion / Regards

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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21 February 2012 yes. Financial system output cannot be totally considered as fixed assets register. it should have fixed asset in detailed manner like purchase date,rate of depreciation, asset put in to use. asset purchase value, any other additions in fixed asset, vendor details, life of the fixed assets, block of assets details, category and rate of deprecation under income tax.etc..

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