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General Accounting: Difference between revisions
→Capitalization of Plant Assets
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All leases will be recorded in accordance with [http://www.fasb.org/home Financial Accounting Standards Board] (FASB) Statement No. 13. The purchasing department will coordinate the proper classification for new leases with General Accounting. Refer to the [http://info.unmc.edu/dept/accounting/ Accounting Informational Manual] for distinction between leases as capital additions and leases as operating expenses. | All leases will be recorded in accordance with [http://www.fasb.org/home Financial Accounting Standards Board] (FASB) Statement No. 13. The purchasing department will coordinate the proper classification for new leases with General Accounting. Refer to the [http://info.unmc.edu/dept/accounting/ Accounting Informational Manual] for distinction between leases as capital additions and leases as operating expenses. | ||
== Capitalization of Plant Assets == | == Capitalization of Plant Assets == | ||
Equipment acquisitions will be recorded in accordance with the [http://webapp.nebraska.edu/finance/docs/Capitalization%20Policy.pdf University of Nebraska Board of Regents], | Equipment acquisitions will be recorded in accordance with the [http://webapp.nebraska.edu/finance/docs/Capitalization%20Policy.pdf University of Nebraska Board of Regents], OMB Circular A-110 and generally accepted accounting practices. The assignment of estimated years of life for equipment will be based on both [http://www.irs.gov/ IRS] and [http://www.aha.org/ American Hospital Association guidelines]. | ||
== Control of Capital Assets == | == Control of Capital Assets == | ||
All equipment traded in, transferred, housed off UNMC grounds, surplused, or sold will be coordinated through [http://info.unmc.edu/management/finance/general-accounting/ General Accounting] and [http://info.unmc.edu/procurement/general-supply/ General Supply/Furniture Stores]. | All equipment traded in, transferred, housed off UNMC grounds, surplused, or sold will be coordinated through [http://info.unmc.edu/management/finance/general-accounting/ General Accounting] and [http://info.unmc.edu/procurement/general-supply/ General Supply/Furniture Stores]. | ||