Muscat Municipality implements the professionalism of fixed assets management program, its evaluation and accounting treatment
The planning and training management of Muscat Municipality in coordination with Total Quality Institute organize a training program entitle " the professionalism of the fixed assets management, its evaluations and accounting treatment" to rehabilitate the employees in the fixed assets in the fixed assets field such as accountants, auditors and financial analysts, the program activities will continue until 29 October. Dr. Osama Srour, the professor of accounting and auditing, Ain-Shams University lectures in the program which discusses the fixed assets management and accounting with an indication of how to assess and control according to the recent trends in the light of international standards.
The program agenda includes several themes such as the definition of accounting system into the governmental sector, its elements, characteristics, differences and the private accounting, in addition to the management bases in accounting (Cash basis and accrual basis) and the differences in both bases. Also, the program clarifies the concepts of fixed assets according to the international accounting standard no (16), the depreciation of fixed assets mechanisms, the statement of accounting methods for fixed assets in the governmental units, the used traditional methods and comparing them with the recent accounting trends on the fixed assets.
The program defines the participants with the recent trends of the fixed assets management, evaluation and analysis, fixed assets control and audit in risk adjusted and other international accounting standard of fixed assets, and the effective mechanisms for investments in the financial leasing controls of the fixed assets.
Dr. Osama explained that the fixed assets have a great importance in all organizations in terms of the grand useful life and realized benefits or its invested financial values. He added that this program comes to raise the employees efficiency and equip them with the needed skills to keep pace with the recent trends in the fixed assets management, evaluation and analysis through the identification of fixed assets concept, its nature and the depreciation fixed assets methods enabling them to audit and evaluate the fixed assets accurately and efficiently for making the operation of financial analysis for the fixed assets.
The fixed assets department is concerned one of the modern departments, which is issued by the decision in 2008 and Diwan decision no (66), 2008 and is activated in Muscat Municipality in 2011; it follows the General Director rate for Administration and Financial Affairs. Nabhan Almalki, the Department Director indicates that the fixed assets department assumes the recording tasks to the assets and properties of the Municipal including the Municipality projects. Recently, the program of fixed assets management is activated to provide a comprehensive database for the registration all Municipal properties in facilitates the communication between the department and the various Municipal units.
Almalki added that the participation in the training program allows to the employees developing their skills in the fixed assets management and providing them with the scientific back grounds and information of this field, the program is supported with scientific models to provide the advantages of these international models and its recent trends in the fixed assets management according to the international standards which contribute the employees performance abilities in providing quality and efficient services.