{"product_id":"internal-control-of-fixed-assets-isbn-9780470539408","title":"Internal Control of Fixed Assets","description":"For many companies, fixed assets represent the largest single aspect of their financial statement, yet rarely do they command time proportionate to the magnitude of the investment. This is the first book to show how to implement internal controls for fixed assets. It is a step-by-step guide for developing and maintaining a functioning internal control system that will withstand the closest scrutiny from independent public accountants and the PCAOB. With up-to-the-minute discussion of IFRS and GAAP, this is a must-have guide for controllers, auditors, and CFOs.  Preface.  \u003cp\u003e\u003cb\u003eChapter 1: Internal Control, Sarbanes-Oxley, and the Public Company Accounting Oversight Board.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eInternal Controls over Property, Plant, and Equipment—Mandatory but Weak.\u003c\/p\u003e \u003cp\u003eInternal Controls over Working Capital.\u003c\/p\u003e \u003cp\u003eSecurities and Exchange Commission and Public Company Accounting Oversight Board Scrutiny of Financial Statements.\u003c\/p\u003e \u003cp\u003eWhy Do Auditors Not Spend More Time on Property, Plant, and Equipment?\u003c\/p\u003e \u003cp\u003eWho Is Responsible for Internal Control over Property, Plant, and Equipment?\u003c\/p\u003e \u003cp\u003e‘‘What Is So Hard about the Job?’’.\u003c\/p\u003e \u003cp\u003eNote.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2: Capitalization versus Expense.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCapitalization Theory.\u003c\/p\u003e \u003cp\u003eWhy Capitalization Levels Matter.\u003c\/p\u003e \u003cp\u003eConsequences of Increasing Minimum Capitalization Level.\u003c\/p\u003e \u003cp\u003eWhat Is the Optimum Capitalization Limit?\u003c\/p\u003e \u003cp\u003eSummary.\u003c\/p\u003e \u003cp\u003eNote.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3: Asset Life Cycle—Controls and Software.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSoftware Is the Key.\u003c\/p\u003e \u003cp\u003eInput, Output, and Reporting Capability.\u003c\/p\u003e \u003cp\u003eHow to Evaluate Software Vendors.\u003c\/p\u003e \u003cp\u003eAssign Responsibility for Implementation and Beyond.\u003c\/p\u003e \u003cp\u003eCharging Departments Will Ensure Individual Responsibility.\u003c\/p\u003e \u003cp\u003eReturn on Investment Analysis.\u003c\/p\u003e \u003cp\u003eSummary.\u003c\/p\u003e \u003cp\u003eNote.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4: Depreciation and Amortization for Books and Taxes.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eInternal Control for Depreciable Tangible Assets.\u003c\/p\u003e \u003cp\u003eDetermining Useful Lives Whenever New Assets Are Acquired.\u003c\/p\u003e \u003cp\u003eChoosing Accounting Lives.\u003c\/p\u003e \u003cp\u003eHow Valuation Specialists Determine Economic Lives.\u003c\/p\u003e \u003cp\u003eDetermining Lives for Intangible Assets.\u003c\/p\u003e \u003cp\u003eChanging Lives and Depreciation for Existing Assets.\u003c\/p\u003e \u003cp\u003eLeasing as a Way to Utilize Depreciation.\u003c\/p\u003e \u003cp\u003eSummary.\u003c\/p\u003e \u003cp\u003eNote.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5: Impairment Testing.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTesting Intangible Assets That Are Not Amortized.\u003c\/p\u003e \u003cp\u003eTesting for Impairment of Property, Plant, and Equipment, and Amortizable Intangibles.\u003c\/p\u003e \u003cp\u003eReviewing Lives for Assets Already in Service.\u003c\/p\u003e \u003cp\u003eTesting for Goodwill.\u003c\/p\u003e \u003cp\u003eReporting Units.\u003c\/p\u003e \u003cp\u003eDetermining the Fair Value of a Reporting Unit.\u003c\/p\u003e \u003cp\u003ePhase II Test of Accounting Standards Codification 350.\u003c\/p\u003e \u003cp\u003eUnderstanding Impairment Charges.\u003c\/p\u003e \u003cp\u003eSummary.\u003c\/p\u003e \u003cp\u003eNote.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6: Physical Control of Property, Plant, and Equipment.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTagging of Property, Plant, and Equipment.\u003c\/p\u003e \u003cp\u003eAlternative Tagging Methods.\u003c\/p\u003e \u003cp\u003eBarcode Tagging.\u003c\/p\u003e \u003cp\u003eRadio Frequency Identification Tags.\u003c\/p\u003e \u003cp\u003eAsset Tagging for Expensed Assets.\u003c\/p\u003e \u003cp\u003eRecommendation.\u003c\/p\u003e \u003cp\u003eSummary.\u003c\/p\u003e \u003cp\u003eNotes.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7: Taking a Physical Inventory.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePlanning and Using the Physical Inventory.\u003c\/p\u003e \u003cp\u003eWho Should Be Responsible?\u003c\/p\u003e \u003cp\u003eUse Own Staff, or Outsource?\u003c\/p\u003e \u003cp\u003eWhat Minimum Dollar Cutoff Should We Use?\u003c\/p\u003e \u003cp\u003eInitial Effort–Partial Facility versus Total.\u003c\/p\u003e \u003cp\u003eThe $64,000 Question—Assets to Listing or Listing to Assets?\u003c\/p\u003e \u003cp\u003eReconciliation of the Inventory to the Records.\u003c\/p\u003e \u003cp\u003eFully Depreciated Assets.\u003c\/p\u003e \u003cp\u003eReconciliation Process.\u003c\/p\u003e \u003cp\u003eRevised Asset Lives.\u003c\/p\u003e \u003cp\u003eSummary.\u003c\/p\u003e \u003cp\u003eNote.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8: Reconciliation of Physical Inventory to Accounting Records.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTwo Approaches to Reconciliation.\u003c\/p\u003e \u003cp\u003eGhost Assets.\u003c\/p\u003e \u003cp\u003eZombie Assets.\u003c\/p\u003e \u003cp\u003eNetting Out Ghost and Zombie Assets—Is It Permissible?\u003c\/p\u003e \u003cp\u003eNetting Out Gains and Losses.\u003c\/p\u003e \u003cp\u003ePerforming the Inventory and Reconciliation Piecemeal.\u003c\/p\u003e \u003cp\u003eSummary.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9: Fixed Assets in a Business Combination.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCarryover of Target’s Book Value.\u003c\/p\u003e \u003cp\u003eApplying Indexes to the Target Company’s Asset Register.\u003c\/p\u003e \u003cp\u003eInaccuracies in the Target’s Asset Property Register.\u003c\/p\u003e \u003cp\u003eDetailed Valuation of Property, Plant, and Equipment.\u003c\/p\u003e \u003cp\u003eSummary.\u003c\/p\u003e \u003cp\u003eNote.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10: Insurance for Fixed Assets.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eUsing the Master Property Record for Insurance.\u003c\/p\u003e \u003cp\u003eInsurable Values Are NOT Fair Value or Fair Market Value.\u003c\/p\u003e \u003cp\u003eHow Appraisers Determine Insurable Values.\u003c\/p\u003e \u003cp\u003eIndexing.\u003c\/p\u003e \u003cp\u003eProof of Loss.\u003c\/p\u003e \u003cp\u003eSummary.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11: Property Taxes—Personal Property and Real Estate.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eReporting Fair Market Values upon Acquisition.\u003c\/p\u003e \u003cp\u003eEquity among Taxpayers.\u003c\/p\u003e \u003cp\u003eAppealing Personal Property Tax Assessments.\u003c\/p\u003e \u003cp\u003eIndexed Costs May Not Reflect Fair Market Value of Property, Plant, and Equipment.\u003c\/p\u003e \u003cp\u003eReal Estate Taxes and Appeals.\u003c\/p\u003e \u003cp\u003e‘‘Contingency’’ Consultants.\u003c\/p\u003e \u003cp\u003eSummary.\u003c\/p\u003e \u003cp\u003eNote.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12: Developing the Fair Value of Fixed Assets.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhat Is the Fair Value of Property, Plant, and Equipment?\u003c\/p\u003e \u003cp\u003eValue in-Use of Property, Plant, and Equipment.\u003c\/p\u003e \u003cp\u003eWhat Would Happen if Fair Value Reporting for Property, Plant, and Equipment Was Required?\u003c\/p\u003e \u003cp\u003eConnection between Fair Value and Book Value.\u003c\/p\u003e \u003cp\u003eWhat Would Investors Learn from Fair Value Disclosures of Property, Plant, and Equipment?\u003c\/p\u003e \u003cp\u003eSummary.\u003c\/p\u003e \u003cp\u003eChapter 13: Control of Fixed Assets under International Financial Reporting Standards.\u003c\/p\u003e \u003cp\u003eComponent Depreciation.\u003c\/p\u003e \u003cp\u003eAsset Revaluation.\u003c\/p\u003e \u003cp\u003eInvestment Property.\u003c\/p\u003e \u003cp\u003eWhat Is the ‘‘Cost’’ of Property, Plant, and Equipment?\u003c\/p\u003e \u003cp\u003eSummary.\u003c\/p\u003e \u003cp\u003eNote.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14: Component Depreciation for Buildings.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eInternational Financial Reporting Standards Has a Different Approach.\u003c\/p\u003e \u003cp\u003eComponent Depreciation for Taxes.\u003c\/p\u003e \u003cp\u003eComplying with Internal Revenue Service Requirements.\u003c\/p\u003e \u003cp\u003eInternal Revenue Service Review of a Cost Segregation Study.\u003c\/p\u003e \u003cp\u003eCost Segregation Study for New Construction.\u003c\/p\u003e \u003cp\u003eWill Cost Segregation Lower My Property Tax Expenses?\u003c\/p\u003e \u003cp\u003eComponentization for Financial Reporting.\u003c\/p\u003e \u003cp\u003eSummary.\u003c\/p\u003e \u003cp\u003eNote.\u003c\/p\u003e \u003cp\u003eAppendix: Excerpt of Internal Revenue Service Cost Segregation Audit Guide.\u003c\/p\u003e \u003cp\u003eIntroduction.\u003c\/p\u003e \u003cp\u003eWhat Are the Most Common Methodologies Utilized for Cost Segregation Studies?\u003c\/p\u003e \u003cp\u003eWhat Are the Attributes of Various Cost Segregation Methodologies?\u003c\/p\u003e \u003cp\u003eDetailed Engineering Approach from Actual Cost Records.\u003c\/p\u003e \u003cp\u003eAbout the Author.\u003c\/p\u003e \u003cp\u003eIndex.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eALFRED M. KING\u003c\/b\u003e, CMA, is the Vice Chairman of Marshall \u0026amp; Stevens and the former chairman of Valuation Research Corporation, both of which are national firms of appraisers. In addition, he is the former chairman of the Accounting Committee of the Institute of Management Accountants. He speaks at various conferences (IMA, AICPA, NACVA) on valuation issues.\u003c\/p\u003e   \u003cp\u003e\u003cb\u003eWhat's the big deal about fixed assets?\u003c\/b\u003e  \u003c\/p\u003e\u003cp\u003eIf the PCAOB starts to review auditor work papers dealing with Property, Plant, and Equipment (PP\u0026amp;E) on a more intensive basis, will your organization be ready? What if fair value reporting for PP\u0026amp;E were required?  \u003c\/p\u003e\u003cp\u003eAs timely as it is complete, \u003ci\u003eInternal Control of Fixed Assets\u003c\/i\u003e peels back the layers surrounding the often-complex topic of internal controls for PP\u0026amp;E. This nuts-and-bolts book provides authoritative, step-by-step guidance on developing a system of internal controls for fixed assets, covering:  \u003c\/p\u003e\u003cul\u003e \u003cli\u003e IFRS versus GAAP: what you \u003ci\u003emust\u003c\/i\u003e know\u003c\/li\u003e \u003cli\u003e Internal control, Sarbanes-Oxley, and the PCAOB\u003c\/li\u003e \u003cli\u003e Capitalization and expense of PP\u0026amp;E\u003c\/li\u003e \u003cli\u003e Depreciation for books and taxes\u003c\/li\u003e \u003cli\u003e Contingent assets and liabilities\u003c\/li\u003e \u003cli\u003e Internal auditing of PP\u0026amp;E\u003c\/li\u003e \u003c\/ul\u003e  \u003cp\u003eWith up-to-the-minute discussion of IFRS and GAAP, this is a must-have guide for controllers, auditors, and CFOs, providing practical and proven advice on maintaining a functioning internal control system that will withstand the closest scrutiny from independent public accountants and, ultimately, the PCAOB. Get your existing system in order and stay far ahead of your competitors with the straightforward business analysis in \u003ci\u003eInternal Control of Fixed Assets\u003c\/i\u003e.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989445427429,"sku":"NP9780470539408","price":90.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470539408.jpg?v=1761784126","url":"https:\/\/k12savings.com\/es\/products\/internal-control-of-fixed-assets-isbn-9780470539408","provider":"K12savings","version":"1.0","type":"link"}