Fixed asset management is a process where corporations manage their fixed asset by tracking them for accounting, maintaining and safeguarding objectives. Fixed asset management is made of policies, procedures, and techniques, which provide corporations a clear view of their asset›s value, cost, condition, location, and improve operational efficiency. It applies to all kinds of assets.
Having asset management frameworks, policies and procedures in place will contribute to better utilization of the economic life of the asset and assist the organization in meeting customer demands, operational and financial planning, client expectations, and improving the safety and security of assets.
It is noteworthy that a royal decree (No.13059) has been issued in Saudi Arabia dated 16 Rabi al-Awwal 1438AH (15 December 2016), which requires all governmental institutions to convert their accounts from cash basis to the accrual basis of accounting using IPSAS Standards. This transition will require all governmental entities to recognize, record, tag, and value their assets to record them as assets and related expenses as per the accrual basis of accounting.
How we can help?
Experts at ECOVIS will utilize their experience and knowledge to assist clients with the management of fixed assets. Our experts have detailed knowledge and updates about local requirements gained their wide range of experience in the same field with several governmental agencies in Saudi Arabia. Following are the key services offered:
→ Fixed assets policies and procedures
→ Fixed assets accounting and register
→ Fixed asset counting
→ Fixed assets Tagging
→ Fixed assets valuation