You are a bookkeeper at a medium-sized manufacturing company called XYZ Manufacturing Pty Ltd. The company has been growing steadily over the past few years, and as a result, the number of fixed assets owned by the company has increased significantly. The CEO and senior management have realised the importance of establishing a proper process for maintaining an asset register and associated depreciation schedule to ensure accurate financial reporting and effective asset management.

In the past, XYZ Manufacturing maintained a basic spreadsheet to track their fixed assets. However, with the company's growth, relying on a manual and informal system has become increasingly challenging and prone to errors. The lack of a structured process has made it difficult to keep track of acquisitions, disposals, and depreciation calculations. This has raised concerns about the accuracy of financial statements and compliance with accounting standards.

To address these concerns, the CEO has tasked you, as the bookkeeper, with establishing a robust process for maintaining the asset register and associated depreciation schedule.

Instructions

Your role is to develop and implement a systematic approach that ensures accurate and up-to-date records of fixed assets while complying with relevant accounting standards and regulations.

Based on the scenario provided, explain the key steps you would take as the bookkeeper to establish a process for maintaining an asset register and associated depreciation schedule at XYZ Manufacturing. Your answer must address the following key steps:

1. Conduct a comprehensive inventory
2. Gather asset details
3. Select an appropriate depreciation method
4. Establish an asset register
5. Implement a depreciation schedule
6. Implement a record-keeping system
7. Regular reviews and updates
8. Ensure compliance with accounting standards

(Approximate in 200 - 300).