The guide includes uniform guidelines for departments in the accounting of the fixed assets owned by the Commonwealth. Its purpose is to provide a uniform and fully automated vehicle to account for and report on the GAAP and nonGAAP fixed assets owned by the Commonwealth's departments. Training is available to appropriate department managers and key personnel in the implementation arid maintenance of the Fixed Asset Subsystem related policies and procedures. Departments are reminded that GAAP fixed assets must be recorded in the Fixed Asset Subsystem. GAAP fixed assets are defined as all land regardless of cost and buildings and equipment with a historical cost of 5 15.000 or more.
Departments have an option of recording non-GAAP fixed assets in the Fixed Asset Subsystem.
The subsystem produces reports for non-GAAP fixed assets. If you have any questions regarding the contents of the guide or regarding the management of fixed assets in the Commonwealth please feel free to contact Domenic Tringale, Director, Capital Accounting Bureau at 727-5000, X437 or Frank Conlon at X249.