Wiltshire-based Selwood Housing is using Asset4000 from Real Asset Management to control and categorise its £126 million property assets. The implementation of the IFRS-compliant asset management system is in preparation for the April 2012 deadline for component accounting.
Sue Eley, head of finance, Selwood Housing, said, “Under the new SORP regulations, each of our assets will be broken down into nine individual components, pushing our current register to almost 50,000 items. Given the sheer volume of data, our current spreadsheet-based system isn’t a viable option. Therefore we needed to investigate other solutions that could deal with this volume of data.
“In order to adhere to the new guidelines, there will inevitably be a lengthy period of implementation but we are confident that Asset4000 will ensure our ongoing IFRS compliance.”