IFRS Compliant Asset Module to replace Sap FAR module.

Tender description

The CIPFA Property Asset Management software provides compliant software and supported updates for asset management accounting in the public sector. It is compliant with Local Authority accounting codes of practice. The current asset management software is not fit for purpose. The Council's external auditors have reported numerous material financial misstatments in relation to Fixed asset Accounting for 2018/19. This was reported to the Council's Audit & Governance Committee in September 2019. The software will also comply with the new accounting standard for leasing, which the Council needs to comply with by 1.4.2020. The software provides improved audit trails and reports; which will reduce the time taken by officers to update the asset register and prepare the accounting entries for the annual financial statements. The user friendly reports should also reduce audit review time. Eventually the software could be updated and maintained by a more junior member of the Finance Team. Keywords: 127501, Exception FB0002, Approved by CR 10.01.2020