[CAFR-Contacts-News] GASB 51 Implementation

[ROSS Kathryn * SCD SARS]

Hello CAFR Accountants,

 

GASB Statement No. 51, Accounting and Financial Reporting for Intangible
Assets, must be implemented for fiscal year 2010. Information on GASB 51
was presented at the FY 2009 year end close training. In addition, SARS
worked with agencies individually throughout FY 2009, based on the
information agencies provided in the FY 2008 General Disclosures about
their intangible assets.

 

Intangible assets include many different types of assets, such as
easements, water rights, timber rights, patents, trademarks, and
computer software. GASB 51 provides guidance on proper accounting and
financial reporting of these assets with an emphasis on internally
generated computer software (such as websites and accounting subsystems)
and land use rights/easements. Revisions to OAM 15.60.40, Intangible
Assets, were communicated to agencies in July 2009: 
http://www.das.state.or.us/DAS/SCD/SARS/policies/oam/15.60.40.pdf

 

To implement GASB 51, several new general ledger accounts and
comptroller objects, plus two new T-codes, have been created. These
changes are summarized in the attached memo. In addition, we have
attached a "How To" guide for establishing capital assets retroactively.

 

Please review the OAM to ensure your agency is reporting its intangible
assets accurately and completely. Pay special attention to the
paragraphs on (1) land use rights/easements where the state does not own
the underlying land and (2) internally generated software.

 

If you have questions regarding the accounting for intangible assets,
please contact your SARS analyst.

 

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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