The Institute of Chartered Accountants
of Sri Lanka

 17.1

 A fixed asset register should be maintained and updated regularly. This should include all fixed assets purchased and received as donations. The fixed  asset register should include -

• Date of purchase
• If received as a donation, date of receiving and from whom
• Cost of the assets purchased
• If received as a donation, an appropriate valuation
• Location of the asset
• Identification number

 17.2

 All fixed assets should be verified by an independent person at regular intervals to ensure their working condition and availability.

 17.3

 It is advisable to obtain an appropriate insurance cover for all valuable fixed assets

 17.4

 The organisation should ensure that valuable fixed assets are kept in proper place and are effectively used for the programmes undertaken.