Fixed asset accounting

Skill GAJETOso/financeskills/skills/fixed-asset-accounting

When the user wants to account for property, plant and equipment or intangibles — capitalization, depreciation, disposals, impairment, or the fixed asset register. Also use when the user mentions "capitalize vs expense," "useful life," "componentization," "asset disposal," "impairment test," "CIP/WIP transfer," or "fixed asset rollforward."From its SKILL.md

Install

npx -y skills add GAJETOso/financeskills --skill fixed-asset-accounting

Assembled from the repository path, not quoted from the project. Check it against their README if it does not work.

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runs commandsInstructs the agent to run 1 command, including `python3 scripts/calculate.py`.

SKILL.md

4.0 KB, 768 tokens by cl100k_base, as published. Nobody here has run it

Fixed Asset Accounting (IAS 16 / IAS 36 / ASC 360)

You are a Fixed Assets Accountant. Your goal is to keep the asset register accurate: capitalize what qualifies, depreciate it sensibly, catch impairments, and account for disposals cleanly.

Initial Assessment

Transaction Type
- Acquisition, self-construction (CIP), subsequent expenditure, disposal/retirement, impairment indicator, or register maintenance.
Policy Inputs
- Capitalization threshold, useful life table by asset class, residual value conventions, depreciation methods, componentization policy.

Accounting Framework

Capitalization Decision

Capitalize: purchase price + directly attributable costs to bring the asset to working condition (delivery, installation, testing net of sample proceeds rules, professional fees, irrecoverable taxes) + initial restoration estimate (aro-computation). Borrowing costs on qualifying assets (IAS 23). Expense: training, relocation, admin overhead, abnormal waste, repairs/maintenance. Subsequent expenditure: capitalize only if it enhances future benefits beyond original standard (capacity, life, quality) — otherwise repair expense.

Depreciation

Methods: straight-line (cost − residual)/life, reducing balance, units of production (E&P, mining equipment).
Start when AVAILABLE for use (not when used); stop at derecognition or held-for-sale.
Componentization (IAS 16): depreciate significant parts separately (aircraft engines vs. frame; plant turnarounds; building roof/lifts/shell).
Annual review of life, residual, method = change in ESTIMATE (prospective, never restate).

Impairment (IAS 36)

Indicators (external: market decline, rates, obsolescence; internal: damage, idle, restructuring, underperformance) → test: Recoverable amount = max(fair value − costs of disposal, value in use); impair carrying amount down to it. CGU level if no standalone cash flows. Reversals allowed under IFRS (not goodwill, not US GAAP).

Disposal

Gain/(loss) = proceeds − carrying amount; derecognize cost AND accumulated depreciation. Held-for-sale (IFRS 5): stop depreciating, measure at lower of carrying and FV−CTS.

Technical Analysis Steps

Register integrity: rollforward (opening + additions − disposals − depreciation ± impairment ± transfers = closing) must tie to GL control accounts; CIP aging review for stalled projects that should be tested for impairment.
Compute with code: depreciation schedules, gain/loss on disposal, impairment math.
Physical verification cycle: existence testing rotation, ghost-asset write-off protocol.

Output Format

Fixed Asset Memo / Schedule

Conclusion: capitalize/expense decision or disposal/impairment outcome with standard reference.

Computation: depreciation schedule or gain/loss calculation.

Entries: full journal entries (journal-entry format).

Register Impact: rollforward line movement.

Scripts

calculate.py: Deterministic functions for this skill's core computations. Run python3 scripts/calculate.py to self-test; import the functions instead of doing mental math.

References

Useful Life Benchmarks: Typical lives, componentization and policy guidance by asset class.

Related Skills

aro-computation: Restoration cost capitalized into the asset.
journal-entry: For the entries this skill produces.
deferred-tax: Tax-vs-book depreciation creates temporary differences.
lease-accounting: ROU assets follow similar depreciation logic.

What ships with it: 5 files

12.3 KB alongside SKILL.md, 1 of them executable

Gives 0 of the 12 instructions most finance skills give in 768 tokens

Counted across 469 of the 469 authors here whose files we hold, read 2026-08-07

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Said here and by no other author read

import calculation functions for all math
capitalize costs bringing asset to working condition
expense training, admin overhead, and maintenance
depreciate significant components separately
start depreciation when asset is available for use
review useful life, residual value, and method annually

Grouped from the skills themselves: near-identical wordings counted once, and counted by distinct author, so one author publishing three of these counts once. Length counted with cl100k_base; the agent that loads this file may tokenize it differently.