Bonnie Geppert, University of Texas Health Sciences Center in Houston Bonnie Geppert asked if additions or changes should be made to the existing Practitioner's Standards as a result of the implementation of GASB 34, 35. Improve condition codes. Put capital and operating leases in the form of a Practitioner Standard. Determine the value of capitalized software. Facilities and Other Improvements is a new reporting category.
Infrastructure is categorized through adding several new class codes.
There is a new definition of construction in progress, which can be found in the Capital Asset Guide . Hay discussed class codes as they relate to the depreciation of libraries. He said all purchases of library books and materials for professional and academic libraries should be capitalized, and professional and academic library values will be reported using a component method. Professional and academic libraries are not depreciated. Hay reminded the group that once a rule is adopted by SPA, it becomes law.