Objects that no longer exist have no value. Therefore, you must check the existence of fixed assets by means of a physical inventory. The individual objects in fixed assets must be recorded so they are identifiable.
The inventory is the record (directory) of individual asset objects. This directory must report the asset objects present on a specified date. These objects must be determined by a physical check, also known as a physical inventory. The word inventory is derived from the Latin invenire, meaning to find something. In this blog I explain what you have to list in the fixed assets inventory and how to perform the physical check.