Q: If there is no record kept of a fixed asset that was being used by a client’s business, what should I do?
28 August 2012
Much depends on the circumstances and why the asset had not been recorded.
Much depends on the circumstances and why the asset had not been recorded.
If the fixed asset had been owned by the business in the previous year but not recorded in the accounts, you would need to bring it into the accounts. If the amount was material, this would require a prior year adjustment. An estimate of the value of the asset may be required, which could...