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IFRS offers the opportunity to utilise the asset register to max
It’s true that the new IFRS reporting complexity combined with an extraordinary increase in asset numbers does present a series of challenges to financial departments. But the new standards will, in time, offer tangible business benefits and increased cost efficiencies which will make any disruption caused during this transitionary period, as organisations completely readdress their asset register requirements, seem like a very necessary catalyst leading ultimately to a far more productive time.
A centralised, automated asset register is key if organisations are to reap the maximum benefits. This vital tool will not only streamline year end audits and reduce the reliance on specific, skilled personnel but will also provide the detailed insight into corporate assets required to enhance capital expenditure decision making.
Once established, this new set of standards will offer an astonishing level of visibility throughout the fixed asset register, maximising business value, streamlining processes and allowing organisations to achieve their full business potential through the prudent management of resources.
Yours faithfully,
Karen Conneely
Group Commercial Manager
Real Asset Management
www.realassetmgt.co.uk