Transcription of FIXED ASSET ACCOUNTING AND MANAGEMENT …
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FIXED ASSET ACCOUNTING AND MANAGEMENT …
FIXED ASSET ACCOUNTING AND MANAGEMENT procedures MANUAL Table of Contents REVISED December 2005 i Section 1 Organizational Responsibilities .. 1 1 Purpose .. 1 2 1 3 Scope .. 1 4 Responsibilities .. 1 5 Acquisitions .. 2 6 3 7 Retirements and Disposals .. 4 8 ASSET Inventory .. 4 9 Annual Financial Reporting .. 4 10 Records Maintenance .. 4 11 Definitions .. 5 Section 2 ASSET Valuation .. 7 1 Purpose .. 7 2 Scope .. 7 3 Guidelines .. 7 4 Valuation Terms .. 10 5 Valuation of Land .. 11 6 Valuation of Buildings .. 14 7 Valuation of Improvements Other than Buildings .. 16 8 Valuation of Machinery and Equipment (Including Vehicles) .. 17 9 Valuation of Construction Projects in Progress .. 18 10 Self-Constructed Assets .. 19 11 Multiple-Unit Acquisitions .. 19 12 Make-Ready Costs .. 20 13 Multiple Funding Sources .. 21 14 Recording Valuation Information in the FAMS.
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
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