Asset accounting is concerned with the collection and monitoring of the decline in value related to procurement, use and maintenance of fixed assets and its calculation as an expense for the annual accounts. Furthermore, it considers the cost of operating income statement and calculation.
In other words, asset accounting documents the inventory of the general and the individual movements of fixed assets. Asset accounting, which is a part of the financial accounting, determines the calculated, tax relevant and financial depreciation.
With the help of professional asset accounting, a comparison can be made to outweigh the possible repair costs against new acquisition costs, which is then followed with a profitability analysis.
A transparent asset calculation provides the decision-makers with information that is necessary for the planning and replacement of new or already existing assets.
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