HomeMy WebLinkAboutC.054.93010_0442The policy in its entirety is as follows.
IREDELL COUNTY CAPITAL
ASSET POLICY
CAPITAL ASSET CATEGORIES
1. Land & Land improvements (6010.00)
Land
Land Improvement Definition
Capitalization Threshold
11. Buildings & Building Improvements (6050.00)
Building Definition
Building Improvement Definition
Capitalization Threshold
Building Maintenance Expenses
Facilities & Other Improvements
III. Depreciable Assets (6100.00)
Depreciable Assets Defined
Capitalization Threshold
IV. Vehicles & Licensed Trailers (6500.00)
Vehicles & Licensed Trailers Defined
Capitalization Threshold
V. Non -depreciable Assets and Reporting (6200.00)
Non -depreciable Assets Defined
Purchasing Non -depreciable Assets
Retention of Records for Non -Depreciable Assets
Non -depreciable Asset Threshold
INTRODUCTION
Effective with the June 30, 2002 audit, Iredell County will be
required to implement Governmental Accounting Standards Board
(GASB) Statement No. 34. This guide has been prepared to help
implement the new reporting requirements. Included in this policy
are asset category definitions and capitalization thresholds.
Capital assets are real or personal property that have a value
equal to or greater than the capitalization threshold for the
particular classification of the asset and have an estimated life
of greater than one year. Assets purchased, constructed or
donated that meet or exceed the established capitalization
thresholds or minimum reporting requirements must be uniformly
classified. Departments are encouraged to report their property
inventory through annual inventory, purchasing requirements and
employee owner/assignment records.