GAAP and Fixed Asset Accounting

Historical Cost

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