Open closed period for fixed asset and impairment

Summary:

Raising an issue related to backdated adjustments in FA. For example, once a Fixed Asset period has been closed, it cannot be reopened if transactions have already been posted in subsequent periods. In addition, asset categories cannot be changed retrospectively.

Another challenge is around asset impairment processing in Fusion. Impairments can only be processed in the currently open period, with no ability to apply an effective date in the past. This means impairments cannot be backdated. Furthermore, no other asset events can be processed in the same period as an impairment.

As valuers typically assess impairments at year end, this creates practical difficulties. For example, if an asset was impaired, then reclassified (e.g. from Land & Buildings to Assets Held for Sale), and subsequently disposed of within the same financial year, the system would not be able to accurately reflect that sequence of events.