Scribd
Upload
35 views2 pages

Asset Retirements: Better Have A Retirement Plan For Those Assets

There are different methods for retiring assets in an accounting system. A full retirement removes the entire asset, while a partial retirement can remove either a portion of the asset units or a portion of the asset cost. The types of retirements include unit retirement, which removes specific asset units; cost retirement, which retires a portion of the total asset cost; and source line retirement, which retires assets imported through a source line. Rules determine whether full, partial, or specific retirement types can be used for different asset categories and books.

Uploaded by

عبدالرحمن فؤاد
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
35 views2 pages

Asset Retirements: Better Have A Retirement Plan For Those Assets

There are different methods for retiring assets in an accounting system. A full retirement removes the entire asset, while a partial retirement can remove either a portion of the asset units or a portion of the asset cost. The types of retirements include unit retirement, which removes specific asset units; cost retirement, which retires a portion of the total asset cost; and source line retirement, which retires assets imported through a source line. Rules determine whether full, partial, or specific retirement types can be used for different asset categories and books.

Uploaded by

عبدالرحمن فؤاد
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 2

Asset Retirements

Better Have a Retirement Plan for Those Assets

You can retire an asset when it is no longer in service – for example, if it was stolen, lost, damaged, sold, or returned.
To retire an asset completely, it can't be in operation at all. You can also retire part of an asset if only a portion of it is still in service.

Retirement Methods: Partial or All the Way


The chart below shows the methods to retire assets.

Method Description Rules

Full Retire all the units of a Full cost retirements: Allowed for CIP assets.
retirement multiple-unit asset. Full unit retirements: Not allowed for CIP assets.
Retire the entire asset cost.

Partial Retire a specific number of Partial cost retirements: The units remain unchanged and the
retirement units of a multiple-unit asset. retired cost is spread evenly among all assignment lines.
Retire a portion of the asset Partial unit retirements: Oracle Fusion Assets automatically
cost. calculates the retired cost.
Partial retirements of CIP assets: Not allowed.

Retirement Types: Let the Books Guide You


There are three types of asset retirement:
Type Description Rules

Unit retirement Retire assets by unit, either all of them or some in case of a multiple-unit Not allowed in tax books.
asset. The cost retired is automatically calculated for each unit retired.

Cost retirement Retire assets by cost. The units remain unchanged and the retired cost is Allowed in both corporate
spread evenly among the units. and tax books.

Source line Retire an asset that was imported as a source line by retiring the cost (based Allowed for both partial
retirement on the source line). and full retirement.

You might also like

pFad - Phonifier reborn

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


Alternative Proxies:

Alternative Proxy

pFad Proxy

pFad v3 Proxy

pFad v4 Proxy