It is an amazing fact of business that especially big concerns / concerns that have been around for a long time often do not really know the extent of their fixed assets, equipment and other moveable assets; the condition they are in; or even their locations.
This causes limiting capabilities regarding asset management with respect to identification and applying most applicable maintenance strategies.
It does not only lead to misrepresentation of the net worth of the concern but also jeopardises its chances to write of substantial tax amounts against depreciation, especially against property fixtures with a shorter lifespan than the brick and mortar building, like air conditioners, lifts etc.
