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