Fixed Assets Written Off

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I was stumped by this question since yesterday. Apparently, I feel that someone has to take responsibility for this. A check with the Accounting Standards website at www.asc.gov.sg just a a while ago proves that I am correct.

“A fixed asset is derecognised when no future economic benefits are expected from its use or disposal”

If a audit professional can’t raise an alarm on the wrong application of accounting standard by a client, I wonder does this professional has the ability to do her job.

Let’s see what my boss say about this when I put the relevant page on his table tomorrow.

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