Management and Accounting for Non-financial Assets
The objectives of the webinar are to: i) understand the accounting treatment of non-financial or fixed assets in a cash vs. accrual basis accounting environment, ii) describe the uses and importance of financial information on non-financial assets, and iii) identify the data sources for developing a comprehensive asset register. Non-financial assets represent a significant investment of public money for both central and local government institutions, and the effective management of these assets is important. To maintain financial control of fixed assets from an accounting perspective, accruals basis accounting requires public sector entities to properly record assets and report their value in the annual financial statements. This webinar will focus on the accounting aspects, recognizing that maintaining control of fixed assets is a function of the entire institution, not just the accounting function. Target audience: institutions responsible for establishing and managing centralized asset register, senior accountants responsible for preparing financial statements, State Treasury officials responsible for consolidation, and users of financial statements.