Depreciating Accurately for Accounting and Tax

The asset register is rarely given detailed scrutiny to ensure the the register provides an accurate reflection of the value of the assets. A physical asset stock take will confirm the physical presence of assets however it is also important to review the assets in the register to ensure that they are being depreciated in accordance with accounting standards and within the rules of the applying taxation legislation.

At TAML we take depreciation seriously and one of the specialist service we offer if the detailed review of the way in which assets are being depreciated in the register. The review covers the following.

  1. Consistency of depreciation between like assets.

  2. Review of asset rates to make sure they are relevant to the type of assets.

  3. Check that asset are being depreciated in accordance with the appropriate tax jurisdiction.

  4. Review asset addition and disposal process to ensure that assets are being added and disposed correctly.

  5. Audit the monthly and annual processes to make sure that all audit and reporting requirements can be met.   

We provide depreciation reviews on any asset register regardless of the system in which it is held.

Contact us if you require more information.