Background
Managing Fixed Asset Registers is a complex process. One of the challenges is ensuring the consistency and accuracy in respect of the identification and treatment of costs incurred for accounting, tax and regulatory purposes. Specifically, making correct determinations for:
1. Classification of an expense as capex, opex or “blackhole” expenditure.
2. Correct identification of what is the expenditure?
3. Determination of the correct treatment of the expenditure for accounting, tax and regulatory purposes
4. Determining end of life and maintenance scheduling requirements in accordance with local, national and/ or global reporting requirements.
EY Elementary AI significantly reduces the time that the finance function requires to determine these questions and dramatically increases the accuracy and consistency across large asset portfolios.
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