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GAAP & Fixed Asset Accounting

  
 

Historical Costs:

        Your auditors will require a record of historical data on all assets of significant value to meet Generally Accepted Accounting Procedures (GAAP), including:

 
 #  Original Purchase Price
#  Acquisition Date
#  Estimated Useful Life
#  Depreciation Reserves and Accumulated Depreciations
#  Computed Historical Costs on Assets with no data available
#  Accurate Future Reports after base value established
 
  
 

Capitalization Cutoff:

        Since our service provides BOTH Insurance and Property Accounting information, we appraise all assets for Insurance Reporting. We use a Capitalization Cutoff amount (selected by the client) to eliminate smaller assets from appearing in the Property Accounting Reports.

  
 
 # Smaller Assets Included for Insurance Value
# Only Significant Assets Displayed in Accounting Reports
 
  
 

GASB #34:

        The Government Accounting Standards Board’s (GASB) Statements #34 and #35 require government agencies to inventory and depreciate major fixed assets (buildings and equipment), including certain infrastructure items (roads, bridges and underground piping). Valuations Northwest reports are designed to meet these new reporting standards and to give you the tools you need to receive an unqualified audit with respect to your fixed asset accounting.

  

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