Finance and asset management staff responsible for the management of asset registers and infrastructure accounting and reporting are invited to attend IPWEA’s new Residual Value webinar.
The course was created to address changes to the Australian Accounting Standards by the Australian Accounting Standards Board (AASB), which ruled that expected savings to an organisation from renewal rather than replacement of an asset should not be recognised as a residual value.
“Such ‘savings’ should instead be recognised by apportionment of assets for accounting purposes into shorter and longer-lived components,” said course Trainer and Consultant John Comrie. “Residual values should only be applied to reflect expected net receipts from disposal of an asset to another party.”
The webinar will explain the rationale for this decision and how to comply with the new accounting requirements. This includes how to structure asset registers to comply with AASB and audit requirements to produce more meaningful information regarding asset values and annual depreciation.
According to Comrie, entities that don’t comply with Australian Accounting Standards are likely to receive a qualified audit opinion regarding the reliability of their annual financial statements.
“Conformity with the requirements can with simple care also improve reliability of financial information and thereby assist in asset management decision-making,” he said.
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Residual Value Revealed Webinar
Event: Webinar: Residual Value Revealed
When: Wednesday 23 September 2015
Time: 1:00 pm AEST
Duration: 1 x 90 min session