Furniture, fixtures and disposal of non-current assets, Auditing

Furniture, Fixtures and Disposal of Non-Current Assets

Furniture, fixtures and fittings

The only matter here to note is the depreciation of fittings and fixtures.  Since of their nature, this is mostly done on replacement basis than calculated and then charged on an annual basis.  However the initial cost is capitalized and several subsequent replacements are charged to the loss and profit account as they are happen.  Furniture is depreciated simply like and machinery plant.

Disposal of Non-current Assets

The matter here is authorization for disposal and the rejection of the assets related from the records.  The auditor tries to make sure which the value obtained was reasonable either through looking on valuations obtained independently also from professional value's previous to the disposal and looking at the book value of the asset and concerned values for assets of such nature.

Posted Date: 1/25/2013 2:05:18 AM | Location : United States







Related Discussions:- Furniture, fixtures and disposal of non-current assets, Assignment Help, Ask Question on Furniture, fixtures and disposal of non-current assets, Get Answer, Expert's Help, Furniture, fixtures and disposal of non-current assets Discussions

Write discussion on Furniture, fixtures and disposal of non-current assets
Your posts are moderated
Related Questions
Method of corrercting evidence?

Audit Reports - Going Concern In the vast widely of cases, the going to relate assumption is suitable and whether applied no mention require be made in the auditor's report.

Disclosure and Presentation - Audit Process IAS 16 provides exclusive disclosure requirements. Fixed assets should be split into appropriate classes and the following shoul

Valuation - Auditing Process IAS 16 requires that all assets for use through the business have been valued on the basis of depreciated historic costs along with one exception.

Fraudulent financial reporting Involves intentional misstatements or errors of amounts or disclosures in financial statements to mislead financial statement users. Fraudulent f

Selection of a Sample - Audit Process The following accounts must be involved in debtor's circularisation: 1) Large balances since they are large and the moreover you can sub

ILLEGAL ACTS Auditors may uncover criminal offences committed by a client or an employee of the client. This puts them in a difficult place, though the auditor must act careful


WHAT ARE THE MAIN PURPOSE OF HAVING PUBLIC SECTOR AUDITING

Non-Adjusting Events - Audit Process Non-adjusting events are those that are indicative of conditions such arose than the balance sheet date as a decline in the market price o