Fixed assets are tangible items that typically have significant value.
Therefore, control of, and accountability over, these items is critical. It is the responsibility of the director of Business to establish appropriate fixed assets capitalization limits, based on the unit cost as well as the useful life of the asset. Accounting for fixed assets is also the responsibility of the director of Business. According to the Texas Education Agency's Financial Accountability System Resource Guide , the emphasis in governmental accounting for fixed assets is on control and accountability. Accordingly, a school district must accumulate a variety of data relating to fixed assets to maintain control and accountability.