Transcription of FIXED ASSET ACCOUNTING AND MANAGEMENT …
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FIXED ASSET ACCOUNTING AND MANAGEMENT …
FIXED ASSET ACCOUNTING AND MANAGEMENT procedures MANUAL SECTION 1 Organizational Responsibilities REVISION 3 January 31, 2013 1 Section 1 Organizational Responsibilities 1 Purpose The purpose of this section is to establish organizational responsibilities of City departments and managers for FIXED ASSET MANAGEMENT , control, ACCOUNTING , and record keeping and to define FIXED assets and controlled items and the guidelines for their capitalization. 2 Objectives The objectives of this document are as follows: To ensure consistent Citywide procedures for FIXED ASSET ACCOUNTING , MANAGEMENT , control, and accountability To ensure that MANAGEMENT has adequately minimized risk to assets through internal controls To ensure proper financial ACCOUNTING and reporting in accordance with Generally Accepted ACCOUNTING Principles (GAAP), the Governmental ACCOUNTING Standards Board (GASB), the National Association of Regulatory Utility Commissioners (NARUC), and other applicable government ACCOUNTING standards 3 Scope This procedure applies to all City departments and City employees, regardless of classification or function.
FIXED ASSET ACCOUNTING AND MANAGEMENT PROCEDURES MANUAL SECTION 1 Organizational Responsibilities REVISION 3 January 31, 2013 3 The department will affix tags to an asset in a conspicuous and convenient location.
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