Several reports on asset data must be provided for tax and GAAP reasons.

The asset depreciation reconciliation reports are printed in the mandatory format. The user can also download them for further editing with a spread sheet program.

As of 3.1H, all Korean asset reports displaying depreciation amounts for the current fiscal year offer the possibility to select the planned depreciation amount or the depreciation amount actually posted to the general ledger accounts. Use the check box Posted amount in the selection screen of the Korean asset reports to select the type of desired depreciation.

In order to list the assets correctly in the produced reports, the evaluation group fields in the asset master records are used to group the assets and the tax jurisdiction code of the business places, to whom the assets belong. These fields must be entered in the asset master record.

Evaluation group 1 can be used for the legal reports to be presented to the tax authorities to sort assets according to the criteria required by the newly revised corporate tax law. It is not necessary to use evaluation group 1, you can choose between the 4 evaluation groups (4-byte). The evaluation groups first have to be configured and then allocated correctly to the asset master records.

According to the revision of the corporate tax law, assets are required to be classified into four categories:

• Structures
• Assets by industry type
• R&D assets
• Intangible assets

For each category (classification), the assets are grouped into sub-classifications and once again classified by the legally allocated number of years of useful life.