Alternate Titles: Accountant, FA Accountant, Asset Accountant
A fixed asset is a long-term economic resource, such as land, machines and equipment. An asset accountant ensures that journal entries are appropriate and that fixed-asset financial statements are accurate. Generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS) require an asset accountant to debit an asset account (such as equipment) and credit cash or accounts payable on the date the asset is purchased. A fixed asset accountant will be employed in companies that have large tangible assets, such as in manufacturing. There are also fixed asset companies that employ these accountants to maintain asset records for clients.
For large companies, property tax on these assets is a huge expense, therefore, a Fixed Asset Accountant makes sure that assets are tracked, identified, and records are maintained. In smaller organizations the staff accountant will perform these duties, but in large companies, a specialized fixed asset accountant will be employed.