Asset Ledger

Asset Ledger

In accounting, a record of all assets. The asset ledger is normally divided into subaccounts covering different kinds of assets. To give a very simple example, an asset ledger may record long-term and short-term assets in different places. Larger companies nearly always have more complicated asset ledgers.
Mentioned in ?
References in periodicals archive ?
As a credit manager, you would receive permission from your customer to access specific Delaware data and see in real time its asset ledger to determine your collateral.
As a result, most taxpayers maintain (and most agents accept) that the depreciation differences must be determined by examining and comparing the tax and book fixed asset ledger details.
Therefore, a company really has no way of identifying the accuracy of the fixed asset ledger, so auditors really can't certify that the internal controls over PP&E are functioning.
Both property tax liabilities and insurance expense are based on a firm's fixed asset ledger, so a correction of the ledger balances should, and probably will, result in savings.
One argument can be that studies have shown that companies spend some $5 per year per line record on the fixed asset ledger. Combined with the savings in property taxes and insurance, even a hardened revenue agent should be reasonable because of the income offset.
Some of the equipment is just being kept in storage, so the company disposes of it and removes it from the fixed asset ledger. Several assets are still in use, however, so the company sells them to a subsidiary for fair market value (perhaps 5% or 10% of the original price).
The fixed asset ledger should specifically classify all high-tech equipment.
Next, machinery and equipment were appraised based on a physical inspection of the facility and referenced to XYZ's fixed asset ledger. Original cost data was referenced to current prices and then adjusted downward to reflect age, condition and various obsolescence factors.
Here's how it can be done: Most asset ledgers have a location for each line item, so each one can be sorted by location and in descending dollar amounts.
This view grossly underestimates the administrative burden to account for the addition or deletion of the assets from fixed asset ledgers, to compute the proper depreciation under multiple tax regimes, and to calculate the proper gain or loss under the various tax regimes on disposition of the fixed assets.
The varying schedules, computations, and fixed asset ledgers require tremendous investments in systems and personnel simply to track and compute the requisite amounts under the various systems.

Full browser ?