FIXED ASSET ACCOUNTING AND （固定资产会计和）.pdf

FIXED ASSET ACCOUNTING AND MANAGEMENT PROCEDURES MANUAL SECTION 4 Fixed Asset Classification and Useful Lives Section 4 Fixed Asset Classification and Useful Lives 1 Purpose The purpose of this section is to identify the standard asset classifications and associated useful lives to be used for recording assets and calculating depreciation in the Fixed Asset Management System (FAMS). 2 Scope Fixed assets will be recorded and accounted for in accordance with the classification structure specified in Table 4-1, which assigns the associated economic useful life for each asset class and identifies funding sources. 3 Guidelines 3.1 Reporting Classes The fixed asset reporting classifications used for the City Comprehensive Annual Financial Report (CAFR) and the financial statement presentations of individual departments will include the following fixed asset classifications, as defined in Section 2 (Asset Valuation) of this manual. • Land • Buildings and improvements • Improvements other than buildings • Machinery and equipment • Construction in progress • Infrastructure 3.2 Asset Subclasses Detailed fixed asset classification listings must correlate with the City’s Financial Management System (FMS) Chart of Accounts structure, indicating the fixed asset object category for the CAFR presentation, as well as the object class and object description for recording and classifying individual fixed assets. REVISION 3 February 4, 2004 35 FIXED ASSET ACCOUNTING AND MAN