converting fixed assets

cpashley

We need to convert our fixed assets from their current value(book value) to what PWC calculated as their fair market value when we were acquired by another healthcare entity.  This could potentially change both values and remaining lives of every asset.  If anyone else has had to do something like this, what was the approach that you took to achieve the correct end result.  Did you create an add-in upload by changing all of the asset values recorded on an excel worksheet?

 

Would appreciate any suggestions for this matter.   We will also be changing our fiscal year to calendar year on 12/31/18.  Our current FY is July- June.

 

Thank you in advance for the assistance on this.

unknown

When we did recent acquisition assets – it was loading the assets for the first time into Lawson – so we created an add-in for all the assets at fair market value to start with.



Also in using FMV – in addition to updating basis and life - you need to zero out the prior depreciation taken and start with the FMV date as your in-service date.