Ebdm Asset Management Procedures

Topics: Depreciation, Generally Accepted Accounting Principles, Goodwill Pages: 4 (730 words) Published: January 31, 2013
|Eb Assets Management
Document Restrictions
Proprietary and Confidential Notice:
This document is intended for dissemination and use by Finance Unit having the delegated authority from EBDM Executive Management. It may not be distributed to external parties without the written approval of EBDM Executive Management.

Uncontrolled Copy Notice:
The controlled version of this SOP in electronic and hard copy is maintained by Finance Unit. All other copies of this document are to be considered as uncontrolled.

Approvals

Name| Designation| Signature| Date|
Muhammad Kamran Khan Durrani| Chief Executive| | |
| | | |

Document History

Version| Date| Description|
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Note:
For further guidance please consult your supervisor or custodian of this document.

Scope
The purpose of this document to outline policies for management of assets i.e. depreciation, appreciation, amortization, stocktaking and accounting proceed from disposal.

Policies
1. Stocktaking, Sale, Loss/damage, write-off, and revaluation of assets 1.1. Stocktaking of assets will be carried out by the Administration on yearly basis (before closure of books) or upon sale/loss of asset(s) for the purpose of revaluation. 1.2. Revaluation of assets will be made for all assets that have reached Zero book value.

1.3. After approval of revaluation of assets from the Finance manager and the Chief executive, Accounts officer will prepare and seek approval of journal voucher for booking of profit/loss in the accounting software.

1.4. Revaluation of stolen/damaged/lost assets and assets on sale will be carried out as and when required.

1.5. Stolen/damaged/lost/sold assets will be written-off after approval from the Finance manager and the Chief executive.

2. Depreciation of Fixed assets
2.1. The depreciable amount of asset shall be allocated on a systematic basis over its useful life using...
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