Question 1

Is a tagged register required by law in Kenya?

Accepted Answer

Tagging itself is not usually named in law, but organisations must keep proper records of assets, and auditors expect to verify that recorded assets exist. Public bodies also follow specific asset management regulations. Physical tags are the most practical way to provide that evidence consistently.

Question 2

What is the difference between IFRS and IPSAS registers?

Accepted Answer

IFRS applies mainly to private companies, while IPSAS applies to public sector entities. Both expect accurate records of property, plant and equipment, including cost, depreciation and condition. Field names and policies differ, and your accountant should confirm the treatment your organisation follows.

Question 3

Our auditors flagged unverified assets. What do we do first?

Accepted Answer

Start with a physical verification of everything on the register, then tag every confirmed asset. Items not found are reported separately for investigation or write-off. Our asset verification service follows this sequence and produces evidence your auditors can test.

Question 4

Can you set our depreciation rates?

Accepted Answer

No. We record asset class, cost and acquisition data so depreciation can be calculated, but rates and policies are decisions for your accountant or auditor. Our asset register builder shows commonly used capital allowance classes, which should still be confirmed professionally.

Question 5

How often should a register be verified?

Accepted Answer

Most organisations verify at least once a year, usually before year-end audit, with spot checks for high-value or portable items in between. Tagged assets make annual verification much faster because staff scan rather than search and match descriptions manually.

Question 6

What fields should a compliant register include?

Accepted Answer

Typical fields are tag number, description, asset class, location, custodian, acquisition date, cost, funding source, condition and disposal status. Public sector registers often add further fields. Our free template and register builder provide a starting structure you can adapt.

Question 7

Will tagging fix an old register full of errors?

Accepted Answer

Tagging alone will not, but tagging combined with verification will. We compare what is physically present with the register, flag gaps and duplicates, and produce a corrected file. Your finance team then approves adjustments, ideally with auditor guidance.

Question 8

Can you help a county or parastatal?

Accepted Answer

Yes. We support public institutions with tagging, verification and register preparation, and quotations show subtotal, 16% VAT and total for procurement. Current supplier documents can be requested through your RFQ or tender process via our compliance team.

Fixed asset register preparation and IFRS/IPSAS alignment in Kenya