|Corporate Governance Drives Interest In Asset Management
A greatly increased interest in asset management has been evident in recent months, culminating at Softworld Accounting and Finance, on Oct 20th and 21st at the NEC. Asset management specialist Assetware Technology, whose new product Assetware Manager, was launched at the show, has reported record numbers of visitors to its stand, and an increased focus on asset control and reporting. Much of this is driven by the introduction in January 2005 of the new IFRS (International Financial Reporting Standards), and Sarbanes Oxley legislation.
IFRS is not a change of standards, but a fundamental rethink on disclosure. There are several major areas of the business affected by IFRS, of which asset management is one. The new regulations require, amongst other things, a more detailed analysis of fixed assets, and a different means of depreciation for finance leases and restatement for property.
Sarbanes Oxley applies to US companies and their subsidiaries, or to companies quoted on the US stock exchange. Senior executives are required to sign personal undertakings that their accounts present an accurate view, and they must tell the markets of any material changes that affect their results. Sarbanes Oxley requires every transaction to be available for analysis and reporting, including the purchase and sale of assets
"Most people are aware of the new legislation," comments Assetware's Managing Director, Richard Fisher, "although many are not at all sure which aspects affect them, or how to meet the requirements. Interestingly, there seems to be more concern about Sarbanes Oxley than about IFRS, although Sarbanes probably applies to far fewer UK companies. IFRS is a European initiative, which affects how figures are derived and reported, and how financial statements are formatted."
"It is clear that many companies without a dedicated fixed asset management system will find it difficult to comply with the new requirements, especially with the initial deadline of 1st January fast approaching," continues Fisher. "We have had a huge amount of interest in our new product, Assetware Manager, which has been specifically designed to make it easy to meet the demands, not just of the new legislation, but also whatever changes the future may bring."
"As a result of the high level of interest and concern which we have identified," continues Fisher, "we are putting together one of our popular Guides, which will shortly be available on our website www.assetware-technology.com. Meanwhile we invite anyone with concerns about meeting the new requirements to contact us on firstname.lastname@example.org We will pre-register you to receive the new Guide, and we will be happy to discuss how we can help you prepare for the new developments."
Assetware Technology www.assetware-technology.com
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