Ducharme Consulting

GRAP / IPSAS Fixed Asset Register system

Dynamic FAR is a Fixed Asset Register e-solution with accounting framework alignment, accounting life-cycle automation and AFS reporting. The cloud-based Fixed Asset Register (FAR) assists with asset accounting life-cycle automation & calculations, as well as GRAP / IPSAS Asset Reporting. It provides compliance with accounting framework’s (GRAP / IPSAS) Asset Requirements & Aligned Data to entity’s AFS reporting periods.

The cloud-based DynamicFAR aims to assist entities to bring their asset accounting theory into practise, whereby the bespoke asset register e-solution seeks to address some of these key challenges faced by using spreadsheets / disconnected ERP systems for asset management and compliance reporting (GRAP / IPSAS). It assists entities to focus on the actual utilisation of their assets (i.e. to seek the flow of future economic benefits or service potential from such assets) rather than trying to manage compliance & accounting data.

www.DynamicFAR.com

Accounting policy based register

Key accounting asset-base data required by the entity’s Accounting Policies (Assets linked to Asset hierarchy levels, for management and statutory reporting). This includes (i) Asset identification data, (ii) Accounting Framework (GRAP / IPSAS) data and (iii) Asset Performance data.

Once an asset is set per the allocated accounting policy and hierarchy, the systems can provide the outputs per its application.
Accounting Life-cycle & AFS Disclosure Note

Technical Accounting Life-Cycle data elements linked to Accounting Reporting Frameworks (IPSAS / GRAP) (e.g. recognition / acquisitions, measurement (deemed costs, useful lives, residual value, etc) and de-recognitions within the Asset Register.

DynamicFAR also automates the transactional events and data for AFS Disclosures Note reports. This include (i) PPE Disclosure Note, (ii) Change in Estimate Disclosure Note, and (iii) Correction of Error Disclosure Note.
Multi-period Asset AFS Disclosures

A continuous data line is run per asset life-cycle over multiple periods, allowing for current year asset adjustments to be correctly allocated in the prior period per asset within the Asset Register, but also provides data for AFS disclosures.

This allows for reporting snapshots per reporting period based on such data adjustments (be it as prior period adjustments; correction of error; change in estimates) in the correct period, which impact subsequent measurement and other AFS disclosure elements.
Technical Asset Measurement elements

Technical Asset Measurement elements (provides for different asset pathways such as: Assets carried at Cost / Revaluation model; linked outputs impacting the AFS balances at individual reporting periods (annual depreciation, impairment, accumulated depreciation) and aligned depreciation methods per asset class (straight-line, diminishing balance and unit-of-production))
Interlinked Reporting & Exception Outputs

Automated Life-Cycle Reporting & Exception outputs, to provide data for retrospective / prior period adjustments on asset data and impact on values for different reporting periods used in a single set of AFS (current period (Y1), comparative period (Y0) and opening balance values (Y-1), or asset data exceptions (fully depreciated assets still in use / Assets carried as Zero Carry Value, assets nearing full useful life, impaired assets, etc).

This include Classification & Measurement reports (such as Financial Summary per Asset Classes, Movement Summary reports, depreciation reports, Assets with impairments, etc.) and Exception reports (Fully depreciated Assets or Assets nearing Useful Life, etc.).
Integration with Asset Verification app

Also integrates with DynamicVerify, for paperless asset verification which syncs asset verification and condition assessment results (for FAR impairment considerations).