Page 139 - Microsoft Word - 00 BA3 IW Prelims STUDENT.docx

Non-current assets: Disposal, revaluation and impairment

The non-current asset register

4.1 Purpose of the non-current asset register

The register is a list of non-current assets owned by the business entity. It is not part
of the double-entry accounting system but is part of the internal control system of the
entity. The register enables key information relating to an individual asset to be easily
identified, such as its location, type/description and cost.

Management will need to be aware of:

 the location of each asset

 the extent to which it is used

 the repairs that have been carried out and the cost of those repairs

 the expiry date of any licences permitting the organisation to use the asset.

4.2 Content of the non-current asset register

The register will contain detailed information relating to each individual non-current
asset.

133