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Reporting Requirements for Annual Financial Reports of State Agencies and Universities

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Reporting Requirements for Annual Financial Reports of State Agencies and Universities

Capital Assets

Overview of Purchasing & Reporting of Capital Assets

The table below provides an overview of capital assets under GASB 34 and GASB 35.

Process 20CY
Pay for the assets
  1. Use T-code 225 for governmental funds. Capital asset COBJs roll to capital outlay on the statement of revenues, expenditures and changes in fund balances. For more information, see Capital Asset Object Codes.
  2. Use T-code 261 or record with generic T-codes (such as T-code 633) at fiscal year-end for proprietary funds. Capital asset COBJs roll to backout – N/A expenditure. T-code 261 does not impact the statement of revenues, expenses and changes in net position.
  3. Use appropriate thresholds for capitalization.
  4. Use capital asset COBJs.
 
Enter Assets in the State Property Accounting (SPA) System Entry of:
  • Personal Property
  • Real Property
  • Infrastructure
  • Construction-in-Progress (CIP)
  • Intangibles
 
Calculation of Depreciation/Amortization Expense and Accumulated Depreciation/Amortization SPA calculates depreciation/amortization expense and accumulated depreciation/amortization for all assets that are depreciable and meet the capitalization thresholds.
Record ending balance in USAS at year-end SPA provides capital asset balances for each AFR category.
Restatements Restatements for 20CY include:
  • Errors made in the prior year
  • Any capital assets not previously reported
 
Prepare Capital Asset Note 2 Agencies, universities and component units will prepare the capital asset Note 2 using the format required by GASB 34. See Note 2 – Capital Assets and Capital Asset Note Submission System (CANSS).
Complete the SPA/CANSS Reconciliation Checklist Amounts reported in SPA for all categories must match Note 2 submitted in CANSS and the AFR by GAAP fund type. Contact your SPA analyst for help with variances between SPA and CANSS.