Fixed Asset Verification

Fixed Asset Verification

Fixed Asset Verification is the process of physically inspecting and reconciling a company’s fixed assets—such as machinery, equipment, vehicles, and buildings—with the recorded accounting records. The verification ensures that the assets exist, are accurately valued, and are properly accounted for in the financial statements.

Key Points:

Confirms the existence, condition, and ownership of fixed assets.

Reconciles physical assets with accounting records.

Identifies discrepancies, missing assets, or obsolete items.

Ensures compliance with International Financial Reporting Standards (IFRS) and regulatory requirements.

Purpose:

The process helps businesses maintain accurate asset records, strengthen internal controls, and ensure reliable financial reporting, supporting audits, valuations, and regulatory compliance.