This course is designed to introduce participants to the basic concepts of fixed asset accounting. Participants will be introduced to various concepts including; what qualifies as a fixed asset, acquiring fixed assets, depreciation methods, impairments, tracking fixed assets, security of fixed assets, and disposing of fixed assets.
Publication Date: December 2020
Designed For
CPAs, CMAs, CGMAs, CIAs, CFEs, CFOs, CEOs, employees, staff accountants, managers, and anyone who is interested in obtaining a basic understanding of fixed asset accounting.
Topics Covered
- Basic understanding of accounting for fixed assets
- Accounting Procedures
- Types of Fixed Assets
- Typical Fixed Asset Transactions
- Fixed Asset Purchase Allocation
- Fixed Asset Purchases
- Depreciation
- Depreciation Examples
- Depreciation for Taxes
- Depreciation for Taxes: MACRS
- Bonus Depreciation
- TCJA Auto Depreciation
- Component Depreciation
- Fixed Asset Thresholds
- Impairments
- Asset Dispositions
- Fixed Asset Dispositions
- Individual Capital Gains Tax
- Individual 2020 Long Term Capital Gains Tax Rates
- Tracking Fixed Assets
- Security for Fixed Assets
- Internal Controls
Learning Objectives
- Define what a fixed asset is
- Recognize how to Post transactions for the acquisition of fixed assets
- Identify the useful life of an asset
- Recognize methods for how to calculate depreciation
- Recognize how to post transactions for the disposition of fixed assets
- Identify how to physically track a company's fixed assets
- Describe true statements about depreciation
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Accounting (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Robert K Minniti
DBA, CPA, CFE, Cr.FA, CVA, MAFF, CFF, CGMA, PI
Dr. Minniti is the President and Owner of Minniti CPA, LLC. Dr. Minniti is a Certified Public Accountant, Certified Forensic Accountant, Certified Fraud Examiner, Certified Valuation Analyst, Certified in Financial Forensics, Master Analyst in Financial Forensics, Chartered Global Management Accountant, and is a licensed private investigator in the state of Arizona.
Dr. Minniti received his doctoral degree in business administration from Walden University, received his MBA degree and Graduate Certificate in Accounting from DeVry University’s Keller Graduate School of Management, and received his Bachelor of Science in Business Administration degree from the University of Phoenix. Dr. Minniti taught graduate and undergraduate courses in forensic accounting at DeVry University, Grand Canyon University, Kaplan University, Northwestern University, and the University of Phoenix. He designed graduate and undergraduate courses for Grand Canyon University, Northwestern University, and Anthem College.
He is a writer and public speaker. He has experience in forensic accounting, fraud examinations, financial audits, internal audits, compliance audits, real estate valuations, business valuations, internal control development, business continuation planning, risk management, cyber security, privacy laws, data security, Sarbanes-Oxley compliance work and business consulting. In addition to his practice Dr. Minniti is an instructor teaching continuing professional education classes for a variety of providers and CPA Societies.
Dr. Minniti is currently serving as a board member on the National Association of Certified Valuators and Analysts' (NACVA) Litigation Forensics Board (LFB) and as a committee member on the Arizona State Board of Accountancy's Law Review Advisory Committee.