A local authority set up an asset accounting system for its financial and administrative assets based on IPSAS 17 (tangible assets).
KPMG prepared a general concept in collaboration with the client and conducted an analysis of the current situation in the main offices. Next, KPMG helped the client prepare a detailed concept and implementation plan with the aid of coaching and reviewing. The detailed concept included information about the balance sheet and valuation, the investment process, inventory and the initial valuation and the restatement of the balance sheet, etc. Finally, implementation was carefully planned, complete with timetable.
This created the foundation for transparent asset accounting, for which all public offices and agencies now have clear guidelines which meet legal requirements.