A fixed asset is property with a useful life greater than one year that is used in the operations of a business to generate income. Examples include buildings, equipment, furniture and vehicles. In smaller organizations, fixed asset accounting may be one of many accounting tasks performed by the same individual. Larger businesses may have one […]
read moreSalvage Value is a key component in accurately calculating the deprecation of fixed assets for financial reporting purposes, but is generally not a factor for tax depreciation under MACRS. In essence, Salvage Value is the anticipated value of a depreciable asset when it reaches the end of its Useful Life. The Cost of an Asset […]
read moreThe main components that go into calculating depreciation for tax purposes are: cost, service date, recovery period (useful life), method and convention. This article will focus on the Useful Life or Recovery Period of fixed assets for tax purposes.
read moreDetermining the useful life of a fixed asset is a question that confronts just about every accountant and fixed asset manager. The useful life of an asset is necessary element for calculating depreciation for tax as well as accounting and financial reporting. This article explores that key considerations for determining the useful life of an asset with emphasis on US GAAP.
read moreThe increasing digitization of data and information can streamline business processes and improve productivity. Data is now easier to store, retrieve, analyze and transfer. However, these benefits also present risks that need to be managed. Fixed Asset Pro™ stores each company database in a single file that can be stored in any local or network […]
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