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Basic Concepts Of Fixed Asset Accounting

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Before starting this self study program, please go through the instructional document.

The topic is also scheduled as live webinar on the following dates

Oct 25, 2021 | 10:00 AM EDT Register

Overview

  • Matching Principle
    1 mins
  • Fixed assets
    7 mins
  • Fixed Asset Terminology
    13 mins
  • Depreciation
    25 mins
  • Depreciation For Taxes - MACRS
    43 mins
  • Component Depreciation
    62 mins

Course Description

This CPE webinar for CPAs is designed to introduce participants to the basic concepts of fixed asset accounting. Participants will be introduced to various concepts including; what qualifies as a fixed asset, acquiring fixed assets, depreciation methods, impairments, tracking fixed assets, security of fixed assets, and disposing of fixed assets.

Key topics: 

  • Basic understanding of accounting for fixed assets
  • Accounting Procedures
  • Types of Fixed Assets
  • Typical Fixed Asset Transactions
  • Depreciation
  • Depreciation for Taxes: MACRS
  • Bonus Depreciation
  • TCJA Auto Depreciation
  • Component Depreciation
  • Fixed Asset Thresholds
  • Impairments
  • Asset Dispositions
  • Individual Capital Gains Tax
  • Individual 2020 Long Term Capital Gains Tax Rates
  • Tracking Fixed Assets
  • Security for Fixed Assets
  • Internal Controls

Recommended for: 

CPAs, CMAs, CGMAs, CIAs, CFEs, CFOs, CEOs, employees, staff accountants, managers, and anyone who is interested in obtaining a basic understanding of fixed asset accounting.

Learning Objectives

  • To define a fixed asset
  • To recognize how to post transactions for the acquisition of fixed assets
  • To identify the useful life of an asset
  • To recognize various depreciation methods
  • To identify how to physically track a company's fixed assets
  • To discuss transaction for the disposition of fixed assets

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Bookkeepers & Accountants & Tax Preparers
  • Certified Fraud Examiner
  • Certified Management Accountant
  • Certified Valuation Analysts
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Young CPA

Testimonial

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