Physical Inventory verification of fixed assets

Could you explain the process of Physical Inventory verification of fixed assets in SAP. My questions are

1. How we will create lists based on sort criterial and distribute them to the users who are performing the physical count.

2. Once they update the lists is the system automatically updates the "Last Inventory on" field in Asset Master record. If not how to update the field at a time for all the assets.

3. where we can see the differences for the physical count and action taken for the differences.