A clear policy and standard operating procedures regarding handling, and recording of fixed assets are documented.
The document includes the personnel responsible including their assignments.
Asset is tagged with asset number?
Year of acquisition
Sufficient description of the asset for identification
Classification (land, building, equipment, machinery, etc)
Quantity/no. of units
Location of asset(s)
Original cost upon acquisition (per unit) including taxes paid and set-up costs
Current value (considering depreciation estimates)
Asset is currently insured?