For companies , it is necessary to maintain Fixed Asset Register as per company act. Fixed asset register is to maintain by every concern , whether it is company or firm or indivdual . Importance of FAR is : 1 . to caculate profit and loss at the time of sale. 2. to know gross block and net block of asset. 3. at the time of any mishappening like fire etc, Fixed asset register is helpful to filing claim against destroyed asset. hence fixed asset register is very important record which are to maintain everybody.
Maintenance of FAR is a non mandatory requirement as far as companies act, 1956 is concerned.
Please refer below the list of Mandatory and Non-mandatory Registers requited to be maintained under the Companies Act, 1956:
Mandatory Statutory Registers under Companies Act, 1956
1. Register of Investments not held by company in its own name u/s 49(1) 2. Register of fixed deposit under Acceptance of Deposit Rules, 1975 3. Register of Securities bought back u/s 77A. 4. Register of Charges u/s 143. 5. Register & Index of Members u/s 150 & 151. 6. Register of Debenture holders u/s 152 7. Register of Beneficial Owner u/s 152A. 8. Register of Foreign Members u/s 157. 9. Processdings of General & Board Meetings (Minutes) u/s 193. 10. Books of Accounts u/s 209 11. Cost Records u/s 209(1)(d). 12. Register of Contracts in which Directors are interested u/s 301. 13. Register of Directors, Manager & Secretary u/s 303. 14. Register of Directors’ Shareholding u/s 307. 15. Register of Inter Corporate Loans & Investments u/s 372A. 16. Register of Renewed & Duplicate Share Certificate.
Non-Mandatory Statutory Registers under Companies Act, 1956
1. Director Attendance book. 2. Shareholder/Proxy Attendance book. 3. Register of Sealed Documents. 4. Register of Share Application & Allotment. 5. Register of Share Transfer/ Transmission. 6. Register of Dividend. 7. Register of Power of Attorney/Probate etc. 8. Register of Dividend Mandate. 9. Register of Bank Account Particulars. 10. Register of Electronic Clearing Service. 11. Register of Fixed Assets. 12. Register of Form 24AA from Directors 13. Register of Nominations received. 14. Register of Share Warrants. 15. Register of Proxies.