Inaccurate fixed asset records can blindside you and your organization, heightening strategic, financial and operational risk. Implications include:
- Inaccuracies in financial reporting, personal property tax values and insurable values
- Difficulties in annual capital budgeting
- Lack of proper fixed asset detail during mergers/acquisitions
Planar sphere assists clients with fixed asset inventory and reconciliation needs on a daily basis. Our public and private-sector clients have different fixed asset inventory and reporting challenges. However, both rely on accurate information to account for, control and manage their real and personal property assets.
What We Do
Planar Sphere’s fixed asset inventory and reconciliation service provides:
- Wall-to-wall inventory of all fixed assets to ensure that accounting records reflect assets on hand
- Assistance in identifying assets that are no longer on hand (unrecorded retirements)
- Validation of assets’ historical book value for use on financial statements
Our services involve in
Project Planning
Our comprehensive project planning phase includes thorough, detailed reviews of your policies, procedures and fixed asset accounting records. We work with each client to develop a clear, mutual understanding of the respective tasks and responsibilities.
Inventory and Tagging
During our inventory and tagging phase, we:
- Inventory all fixed assets in accordance with the scope of the engagement. Typically, this is consistent with the capitalization policy of the client.
- Record existing tags and/or apply a new bar coded tag to each inventoried asset, working with RFID tagging as requested, and record all tag number(s) as part of the asset record.
- Conduct a same-day review of each day’s inventory, and revisit areas the next day if discrepancies are found.
- Perform sample testing of major locations within the facility.
- Conduct a final walk-through of the facility to ensure that no fixed assets were missed.
Reporting
Reports issued by Planar Sphere comply with SSAE 16 and stand up to scrutiny from all applicable agencies and both internal and external audit review. Our deliverables include:
- A Fixed Asset Inventory and Reconciliation Report in hard copy and PDF, with the following exhibits:
- Fixed Asset Accounting Summary Report
- Fixed Asset Accounting Ledger Report
- Fixed Asset Unrecorded Additions Report
- Fixed Asset Unrecorded Retirements Report
- An Excel file formatted to the client’s specifications
Planar Sphere also provides data conversion services. Our programming staff can convert final fixed asset data into several different software applications.
Services for Regulatory Compliance
Planar Sphere maintains dedicated consulting groups for telecommunications, manufacturing, healthcare, education and state and local governments. Our fixed asset inventory and reconciliation services help our clients in these areas comply with all applicable accounting standards, including:
- Governmental Accounting Standards Board (GASB) 34 and 35
- SOX Section 404
- Office of Management and Budget (OMB) Circulars A-21 (CFR Part 45), A-110 and A-133
- Federal Accounting Standards Advisory Board (FASAB) Executive Order 13327
- Various Financial Accounting Standards Board (FASB) codifications
- ASTM International standards for fixed asset management
- CFO Act
Why Planar Sphere?
Planar Sphere’s dedicated fixed asset consultants operate from offices throughout Malaysia and India. Each year, we provide fixed asset inventory. We are recognized for establishing our profession’s best practices in fixed asset Management service.