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General Accounting: Difference between revisions
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Various legal and regulatory bodies have required special treatment for some accounting transactions. Listed below are these transaction types requiring special handling. | Various legal and regulatory bodies have required special treatment for some accounting transactions. Listed below are these transaction types requiring special handling. | ||
== Leases == | == Leases == | ||
All leases will be recorded in accordance with [https://www.gasb.org/ | All leases will be recorded in accordance with [https://www.gasb.org/page/PageContent?pageId=/standards-guidance/pronouncements.html#gig Governmental Accounting Standards Board (GASB) Statement No. 87]. The implementation of GASB No. 87 requires that all leases be accounted for on the statement of net position. The purchasing department will coordinate the proper classification for new leases with General Accounting through the utilization of the ION Wave contract management system. | ||
== Capitalization of Plant Assets == | == Capitalization of Plant Assets == | ||
Equipment acquisitions will be recorded in accordance with the [https://nebraska.edu/-/media/unca/docs/offices-and-policies/policies/policies/capitalization-policy.pdf University of Nebraska Board of Regents Capitalization Policy], OMB Uniform Guidance and generally accepted accounting practices. The assignment of estimated years of life for equipment will be based on both [https://www.irs.gov/ IRS] and [https://www.aha.org/ American Hospital Association] guidelines. | Equipment acquisitions will be recorded in accordance with the [https://nebraska.edu/-/media/unca/docs/offices-and-policies/policies/policies/capitalization-policy.pdf University of Nebraska Board of Regents Capitalization Policy], OMB Uniform Guidance and generally accepted accounting practices. The assignment of estimated years of life for equipment will be based on both [https://www.irs.gov/ IRS] and [https://www.aha.org/ American Hospital Association] guidelines. | ||