Existing asset requires updating property records

The acceptable method of accounting for an exchange in which the trade-in allowance exceeds the book value of the old plant asset requires that the cost of the new asset be determined by adding the amount of boot given to the book value of the old asset.For example: The cost basis of the new equipment is ,700, which is determined by adding the boot given (,900) to the book value of the old equipment (0).Fixed assets are not intentionally acquired for resale, nor are they readily converted to cash. Millersville University currently tracks its fixed assets using a software package developed by Systems and Computer Technology (SCT) as a part of the Banner software product.The SCT Fixed Assets module (FAS) provides a facility for tracking all fixed assets and it is integrated with the Purchasing and Payable modules.These shortcomings have led to the accountability loss of 1.45 billion dollars' worth of major items.The Army uses the Total Package Fielding (TPF) process to ensure that units are provided with fully supportable materiel systems with minimal disruption to the units day-to-day missions.

These policies and procedures apply to all University property, regardless of the source of funding.

When an asset has a corresponding configuration item, the asset record and the configuration item record are kept synchronized with two business rules: When modifying any of the shared fields on the asset or CI record, the same field on the other record is automatically updated.

The Status fields on the two forms are synchronized so that status changes made on one form trigger the same status update on the corresponding form, ensuring consistent reporting. recommends updating status on the asset form.) All state fields are synchronized as well.

TPF minimizes the workload associated with the fielding of a new system.

It requires the materiel developer and the fielding command to determine all requirements up front, fund and requisition nearly all needed equipment, consolidate support items into unit-level packages, and coordinate the distribution of the major system, the associated support items of equipment, and support packages to a central staging site or to the gaining unit itself.

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Additionally, this manual is intended to comply with the Financial Accounting Standards Board (FASB) Statement #93, "Recognition of Depreciation by Not-for-Profit Organizations", Generally Accepted Accounting Principles (GAAP), and all applicable federal and state governmental regulations relating to fixed assets.

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