Setting Up Asset Types for International Reporting Standards

Fixed Assets Plug-in v10 modified the way you can set up G/L books that follow the international financial reporting standards for the Revaluation model (IAS 16) and the Fair Value model (IAS 40). This change on the Asset Type screen is intended for organizations that own assets in jurisdictions where these models can be used for reporting the net book value of assets. If you are in a jurisdiction that does not allow these models, you can ignore this section.

To set up an asset type for a revaluation or fair value models

1	From the Fixed Assets menu, select Setup > Add Asset Type. Complete the standard fields. See “Adding Asset Types”.

2	Assign the G.L Book fields, and Model fields.

• Asset Type Detail Tab For Other Models

The following Details tab fields are required to set up revaluation and other models:

Asset Revaluation	If you have a balance sheet G/L account set up for revaluation, you can enter it here.
Revaluation Reserve	If you have a balance sheet G/L account set up for revaluation reserve, you can enter it here.
Revaluation P&L	If you have a G/L account set up for revaluation profit and loss, you can enter it here.
Revaluation Surplus/(Deficit)	If you have a G/L account set up for either a surplus or deficit on revaluation, you can enter it here.
G/L Book	Select a G/L book you set up for the IAS model for the jurisdiction where the asset is located. The selected depreciation group for the asset type must include this G/L Book.
Model	Select the model that matches the IAS model for reporting net book value in the asset jurisdiction. c Cost Depreciation in US. International jurisdictions (IAS 16) c Revaluation (IAS 16) c Fair Value (IAS 40)