ASCOTT雅诗阁酒店公寓品牌财务部门政策与程序APP G01 (Fixed Asset).doc

TAG Policy Procedures Department: Finance Section: APP G01 Topic: Fixed Assets Date Created: Apr 2001 Revised: Feb 2007 (Ver 2) Page: Page PAGE 1 of NUMPAGES 8 COMPANY CONFIDENTIAL 2004. Ascott International Management (2001) Pte Ltd. All Rights Reserved. No part of this document may be resold, reproduced or transmitted in any form by any means without the written consent of the publisher. G01 FIXED ASSETS 1. OBJECTIVE 1.1 To set guidelines for the control and safeguard of fixed assets. 1.2 To establish the uniform accounting for fixed assets including the capitalisation, depreciation and disposal policies. POLICIES A fixed assets register is to be maintained and updated monthly to record all new additions and movements (e.g. Transfers, Disposals, Write-offs etc) for easy reference and control. Fixed Assets are stated at cost less accumulated depreciation. Depreciation is calculated on the straight-line method to write off the cost of the assets over their useful lives. Fixed Assets should be eliminated from the financial statements upon disposal or writeoff. Fully depreciated but still in use assets should reflect a nominal net book value of $1. The responsibility for custody and physical condition of fixed assets rest on the user department head. Full physical count for all fixed assets must be conducted annually, except assets in Service Apartment, which are counted before guest checks in and checks out of the apartment. All fixed assets must be adequately insured. For depreciation, where asset useful lives based on local statutory accounting guidelines differ from TAG’s prescribed asset useful lives, the former shall be applied. However adjustment will be required for compliance with TAG reporting requirements. DEFINITIONS 3.1 Fixed Assets refers to those items described in IAS 16 - Property, Plant and Equipment i.e.: Tangible items; Held for use in the production or supply of goods or services, for rental to others, or for administrative purp