[CAFR-Contacts-News] OAM 15.60.10 Updated

[HAMILTON Robert W * DAS]

Hello CAFR Contacts,

The updates to OAM 15.60.10 Capital Assets: Classification and Capitalization that were placed out for comment between July 12, 2017 and July 26, 2017 have been approved by DAS leadership and have been incorporated into the OAM on our website: http://www.oregon.gov/das/Financial/Acctng/Pages/OAM.aspx.  The PDF of the entire OAM, and the PDF of Chapter 15 of the OAM due reflect this update.

As a reminder, changes were primarily centered around GASB Statement No. 72, which changed the valuation of donated capital assets from fair market value to acquisition value.  This was mostly a nuance, as acquisition value is an entry price (to buy something) while fair market value is an exit price (to sell something), however, we wanted to update the OAM for the standard change.  Other changes are necessary to reflect terminology, such as statement of net position replacing the statement of net assets.

The changes do not incorporate any of the issues I mentioned in the email I sent September 12, 2017 (attached).  Those will come in a future revision in early 2018.

Please let me know if you have any questions.

Thank you,

Rob

Robert W. Hamilton, CPA
Statewide Accounting and Reporting Services Manager
Chief Financial Office
Department of Administrative Services
Phone:  (503) 373-0299
http://www.oregon.gov/DAS/financial/acctng

Data Classification: Level 1 - Published

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