A missing fixed asset review should establish what happened to the item before the accountant records a write-off or other adjustment. Compare the asset register, custody information and physical checks. An item that is not found during one count may have moved, been repaired or been recorded under an outdated description.

Accounting records, calculator and glasses on a desk
Illustrative photograph by Cht Gsml.

Identify the asset precisely

Start with the register reference, description, serial number where available, acquisition record and last known location. A generic line called laptop may not distinguish several similar items. Keep the original register and note which record is being investigated.

Record the date of the check and who performed it. Separate an item that cannot be located from one confirmed disposed of, returned to a supplier or held by a repairer. Each explanation needs its own support.

Trace custody and movements

Ask the responsible staff about transfers, remote-working equipment, storage and repair arrangements. Obtain relevant handover or service records. Do not assume misconduct because an asset is absent from its usual desk.

Keep personal details and any investigation information within the authorised team. A public group message listing staff names and allegations is not a suitable substitute for a controlled search and custody log.

Example: equipment remains with a repairer

The year-end physical check cannot locate a printer. A service record shows that it was sent for repair and has not returned. Confirm its status and give the accountant the evidence. Automatically writing it off because it was not in the office would ignore a material explanation.

Obtain the reviewed accounting outcome

Provide the accountant with the search results, ownership information and any evidence of loss, disposal or recovery. The accountant should assess the applicable treatment and approval needed. This guide does not prescribe an automatic impairment, insurance recovery or tax deduction.

Reconcile the final records

Keep the approved entry, if any, linked to the asset and supporting explanation. Update the controlled location or custody record where appropriate. IRAS requires records that explain transactions and balances; retain the investigation outcome rather than deleting the original asset line and losing its history.

Related practical guidance

For the surrounding records and responsibilities, see bookkeeping basics, company records to keep, bookkeeping and accounting.

Official guidance: IRAS official guidance.

Help with your company records

For accounting, bookkeeping and related compliance support, contact Raffles Corporate Services at [email protected] or WhatsApp +65 8501 7133. Tell us which records or process need attention so we can discuss the relevant next steps.