IND AS/ IFRS Asset Accounting
As per Indian Accounting Standards 16, for existing assets when it came into effect,asset shall be carried at its cost less any accumulated depreciation and any accumulated impairment losses under Cost Model.
Since the assets were already entered at Cost in Oracle Fixed Assets, customers wanted solution to incorporate requirements of IND AS 16 into existing design.
Depending on the requirements of customers, DEPTH CONSULTING provided 2 options to the customers:
- Create a new Asset book with IND AS 16
- Customize the Fixed Asset report so as to reflect the figures as per IND AS16
Both these solutions were completely automated solutions which reduced manual intervention for maintaining assets in excel, calculating depreciation etc. These solutions also helped in complete traceability of the original assets thereby helping in various audits.
DEPTH CONSULTING designed and implemented this solution for a leading manufacturer of packaging solutions.