What is a Fixed Asset Register?

What is a fixed asset register?

A fixed asset register is a detailed list of all fixed assets which are owned by a business. Its main purpose is to enable an organisation to accurately record and maintain both financial and non-financial information pertaining to each asset and to easily identify and verify an asset when required.

Items and information captured in a fixed asset register

Fixed assets are longer term investments which provide value to a business and are depreciated over a period of years. Organisations have the flexibility to capture as little or as much detail required for each asset. Storing detailed asset information and financial history provides valuable data to enable more informed decision making.

Typical information captured on a fixed asset register includes a unique identifier code, asset name, description, purchase and capitalisation dates, purchase cost, department, cost centre, residual value and asset life and depreciation rule.

Examples of fixed assets

IT equipment such as computers, laptops, printers and servers

Furniture and fittings

Property, plant and equipment (PPE)

Office equipment such as photocopiers, scanners and telephones

Land and estates

Fleet i.e. cars and vans

The benefits of creating and maintaining a fixed asset register

Provides complete information on asset status, history and location for audit trail purposes.
Assists in complying with statutory requirements such as IFRS, UK GAAP and SOX.
Ensures that the balance sheet reflects an accurate fixed asset value.
Provides an accurate reference to ensure that the appropriate level of insurance is in place, which in turn avoids the overpayment of insurance premiums.
Facilitates a quick and easy asset audit and verification process.
Simplifies month and year-end processes when asset data is up to date.
Improves asset utilisation across the business and avoids the duplication of asset purchases.

Resources

Ebook

The 5 common failures of fixed asset management

Ebook

Overcoming the hurdles of fixed asset management

Ebook

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What is a fixed asset register?

Items and information captured in a fixed asset register

Examples of fixed assets

IT equipment such as computers, laptops, printers and servers

Furniture and fittings

Property, plant and equipment (PPE)

Office equipment such as photocopiers, scanners and telephones

Land and estates

Fleet i.e. cars and vans

The benefits of creating and maintaining a fixed asset register

Resources

The 5 common failures of fixed asset management

Overcoming the hurdles of fixed asset management

Let's Connect

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