[CAFR-Contacts-News] OAM Policy Updates: Capital Assets, Intangible Assets & Non-capital Assets

Tue Jun 30 11:59:25 PDT 2009

Good Morning Everyone,

SARS has updated the following policies and posted them for comment. All
three policies reflect the new DAS statewide policy template, which
combines the policy and procedures into one document. In addition, the
DAS Communications Coordinator has edited each policy for plain
language.

*       OAM 15.60.10 - Capital Assets: Classification and Capitalization

Four new GLs for intangible assets will be added to the chart of
accounts:  Land Use Rights (not amortized); Land Use Rights (amortized);
Other Intangible Assets (not amortized); Other Intangible Assets
(amortized).

Expanded the discussion in paragraph 127 on transfers of assets.

Added paragraph 128 on accounting for assets when ownership is unclear.

Added paragraph 129 on estimating historical cost.

*       OAM 15.60.40 - Intangible Assets

Modified to reflect the requirements of GASB Statement No. 51-
Accounting and Reporting for Intangible Assets, which was covered in the
Year End Closing training.

*       OAM 15.55.00 - Non-capital Assets

Minor changes; primarily reformatted.

Please review the attached policy drafts and send me your comments no
later than July 14. Here is the link to the policies:
http://www.oregon.gov/DAS/SCD/SARS/oam_toc.shtml#OAM_Policies_Out_for_Co
mment

The tentative effective date for these policies is August 1, 2009.
However, agencies have all of FY 2010 to bring their accounting and
reporting into full compliance with GASB 51.

Thanks,
Kathy

Kathryn Ross

Statewide Accounting & Reporting Manager

Oregon State Controller's Division

155 Cottage Street NE, U-50

Salem, OR 97301

Phone:  (503) 373-7277, ext 253

Fax:  (503) 378-3514

http://oregon.gov/DAS/SCD/SARS <http://oregon.gov/DAS/SCD/SARS> 

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