accounting for capital assets fgfoa annual conference june 26, 2013
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Accounting for Capital Assets FGFOA Annual Conference June 26, 2013. Sarah C. Koser, CPA, CGFO, CPFO Deputy Director of Finance The Villages Community Development Districts. Session Objectives. Capital Assets – Defined Basic Accounting Major Asset Classes Including Intangible Assets - PowerPoint PPT PresentationTRANSCRIPT
Accounting for Capital AssetsFGFOA Annual Conference
June 26, 2013
Sarah C. Koser, CPA, CGFO, CPFODeputy Director of FinanceThe Villages Community Development Districts
Capital Assets – Defined Basic Accounting Major Asset Classes◦ Including Intangible Assets
Capitalizable Costs Valuation of Capital Assets for Financial Reporting Purposes Financial Statement Presentation and Disclosure Policies Inventorying GFOA Recommended Practices Compliance with Florida Statutes◦ Disposals
Session Objectives
Capital Assets Defined
Includes all of the following with initial useful lives extending beyond a single reporting period:◦ Land◦ Improvements to land◦ Easements◦Buildings◦Building improvements◦Vehicles◦Machinery◦ Equipment◦Works of art and historical treasures◦ Infrastructure◦Other tangible or intangible assets
Capital Assets - Defined
Purpose of maintaining asset information by Management:◦ Control – Good Stewardship◦ Maintenance – Ensure assets are properly maintained◦ Replacement – Plan for retirement and replacement as needed◦ Insurance – Reliable information to properly insure◦ Cost recovery and rate setting – Proprietary funds ◦ Financial reporting – Follow GAAP
Reasons for failure of adequate capital asset management:◦ Inadequate scope – focus on some required elements but not all◦ Overburdening – Collecting unnecessary information◦ Inadequate system maintenance – Lack of resources necessary to
maintain system.
Capital Assets - Defined
Basic Accounting
Measurement Focus Matters!!!◦Governmental Funds – current resources Modified Accrual Basis of Accounting◦Proprietary Funds – economic resources Full Accrual Basis of Accounting
Basic Accounting
Example:◦Government purchases a piece of
equipment with a cost of $500,000 and an estimated useful life of 10 years.
Basic Accounting
Proprietary Fund Entries – Economic Resources Measurement Focus:
Acquisition:
Allocation to expense (depreciation) per period (year):
Basic Accounting
Debit CreditEquipment $500,000
Cash $500,000
Debit CreditDepreciation Expense $50,000
Accumulated Depreciation $50,000
Governmental Fund Entries – Current Financial Resources Measurement Focus:
Acquisition:
Basic Accounting
Debit CreditExpenditure – Capital Outlay – Equipment $500,000
Cash $500,000
Governmental Fund Entries – Current Financial Resources Measurement Focus:
For Government-Wide Financial Statements – Economic Resources Measurement Focus:
WORKSHEET ENTRY – ONLY!!!!
Basic Accounting
Debit CreditDepreciation Expense $50,000
Accumulated Depreciation $50,000
Capital Asset Reporting Requirements:
Basic Accounting
Funds in which Activity Reported
Reported in Fund Financial Statements?
Reported in Government-Wide
Financial Statements?Governmental funds No Yes
Proprietary funds Yes Yes
Fiduciary funds* Yes No*Only pension trust funds typically will have any capital assets to report
Optional capitalization:◦ Older Infrastructure
Acquired prior to July 1, 1980 Smaller Governments – acquired prior to June 30, 2004
◦ Collections Works of Art Historical Treasures Similar Items
ENCOURAGED TO REPORT – but not required Criteria – have to meet all three:
Purpose is display or research Being adequately maintained Proceeds from sale of collection items must be applied to acquiring new items
◦ Immaterial Items Below governments capitalization threshold
Basic Accounting
Assets capitalized but not depreciated or amortized:◦ Assets with indefinite useful lives
Land Some intangibles – cannot “wear out” Works of art, historical treasures, and similar items Infrastructure (if government uses modified approach)
◦ Capital assets not yet providing service Construction in progress (tangible assets) Development in progress (intangible assets)
Basic Accounting
Which government should report assets when one government acquires for use by another?◦Ownership – critical criterion
Who holds title? Exception: Leased to another under Capital Lease.
◦ Example: County constructs a building Will be used by school district County will continue to own (holds title) COUNTY – will report on their financial statements
Basic Accounting
Which government should report assets when one government acquires for use by another? (Continued)
Assets acquired with Grant funds (sometimes)◦ Reversionary Interest – reverts to grantor should grantee wish
to dispose◦ Does not limit grantee’s right to “use and enjoy”◦ Grantee reports on Financial Statements
Basic Accounting
Which government should report assets when one government acquires for use by another?
When ownership cannot be established (absence of title):◦ Responsible for maintaining
Owner for Financial Statement purposes ONLY if ownership cannot be established
Basic Accounting
Major Asset Classes
Seven or more major classes:◦ Land – always separate from an associated asset:
Land under a building or road – report as land Include in cost of land initial preparation for intended use:
ONLY if preparations have indefinite useful life. Examples: Excavation Fill Grading Moving Power Lines
◦ Buildings Includes any improvements (betterments) Includes restoration from an impairment
Major Asset Classes
Seven or more major classes (continued):◦ Improvements other than buildings (land improvements)
Fences Retaining Walls Parking Lots Landscaping
◦ Furnishings and equipment (machinery and equipment) Vehicles Furnishings Library book collections
Major Asset Classes
Seven or more major classes (continued):◦ Infrastructure
Definition – “Long-lived capital assets that normally are stationary in nature and normally can be preserved for a significantly greater number of years than most capital assets.”
Examples: Roads Bridges Drainage retention areas Water and sewer systems Landfill
Major Asset Classes
Seven or more major classes (continued):◦ Infrastructure (continued)
Items of note: Cost of land associated – report as land Cost of buildings associated – report as buildings
Exception: Purely ancillary buildings Examples:
Rest area on turnpike Water pumping station in water system Garages associated with a highway system
Major Asset Classes
Seven or more major classes (continued):◦ Construction (or development) in progress
Not yet ready for service◦Other capital assets
Items not properly included in another class
Major Asset Classes
Capitalizable Costs
GAAP - Include any “ancillary charges necessary to place the asset into its intended location and condition for use”.
Challenges:◦ Acquisition Costs◦ Interest incurred during acquisition◦ Training◦ Improvements (betterments)
Capitalizable Costs
Acquisition Costs:◦ Examples of POTENTIAL costs:
Legal and title fees Closing costs Appraisal and Negotiation fees Surveying fees Land preparation costs Demolition costs Audit and accounting fees Transportation Charges
Capitalizable Costs
Acquisition Costs:◦Preconditions for capitalization:
Only if directly identifiable with a specific asset Example: Determine BEST location for a school – NOT
CAPITALIZABLE Example: Legal cost acquiring a specific property –
CAPITALIZABLE Only if incurred after acquisition of the related asset has
come to be considered probable (likely to occur) Example: Feasibility study – NOT CAPITALIZABLE
Capitalizable Costs
Acquisition Costs:◦ Internal Costs – Three Guidelines:
General and administrative costs NEVER capitalized (overhead) Costs directly related to the acquisition of a specific asset –
CAPITALIZE Example: Salary & wages of employee worked on specific
construction project (building, etc.) Costs clearly related to the acquisition of capital assets, but not to
specific projects - CAPITALIZE Example: Cost accounting, design, and other departments providing
services that are clearly related to projects. Allocate to individual projects
Capitalizable Costs
Acquisition Costs:◦ Internal Costs – Intangible asset costs:
GAAP: “no outlays incurred prior to meeting all of the following may be capitalized: The specific objective of the project has been determined; The nature of the service capacity to be provided has been determined; The feasibility of successfully completing the project has been
demonstrated; and The government has demonstrated that it 1) intends, 2) is able, and 3)
is making an effort to develop/complete the project.”
Capitalizable Costs
Acquisition Costs:◦ Internal Costs – Intangible asset costs:
Additional guidance for internally generated computer software: Prohibits capitalization of costs of preliminary project stage.
Examples: Conceptual formulation Evaluation of alternatives Determination of existence of needed technology Final selection of alternatives for development
Capitalizable Costs
Acquisition Costs:◦ Internal Costs – Intangible asset costs:
Additional guidance for internally generated computer software (continued): Costs during application development stage – Capitalize ***
Examples: Design of the chosen path Coding Installation to hardware Testing Data conversion ***Only if incurred subsequent to completion of preliminary project
stage***
Capitalizable Costs
Acquisition Costs:◦ Internal Costs – Intangible asset costs:
Additional guidance for internally generated computer software (continued): Costs incurred post-implementation/operations stage – NEVER
CAPTIALIZE Examples:
Training Software Maintenance
Capitalizable Costs
Interest incurred during acquisition
Capitalizable Costs
Fund in Which Related Activity is Reported
Fund Financial Statements
Government-Wide Financial Statements
Governmental Funds Not applicable * Not capitalizedProprietary funds Capitalized CapitalizedFiduciary funds Capitalized Not applicable ^*Governmental funds do not report capital assets.
^ Fiduciary funds are not included in government-wide financial statements
Interest incurred during acquisition (continued)◦ Financed by tax-exempt – externally restricted debt◦Must be “externally restricted” (e.g., bond covenant) to the
acquisition of the qualified asset to qualify for “netting” Net interest expense against interest earnings on borrowing Begins at date of borrowing/ends when asset placed in service Example:
Borrows $1 million two months prior to start of construction Interest rate of 5% Reinvest unexpended at 2% for those two months
Capitalizable Costs
Interest expense $8,333 (i.e., $1 million x 5 percent x 2/12
Less: Interest revenue $3,333 (i.e., $1 million x 2 percent x 2/12
Net: Capitalizable interest $5,000
Interest incurred during acquisition (continued)◦ Financed by tax-exempt – externally restricted debt
(continued) Entry
Capitalizable Costs
Debit Credit
Construction in progress $5,000
Accrued interest receivable $3,333
Accrued interest payable $8,333
(To record interest accrued on capital borrowings, interest accrued on the reinvested proceeds, and the net amount capitalized)
Interest incurred during acquisition (continued)◦ Financed by tax-exempt (and non tax-exempt) debt – not
externally restricted Not offset by earnings Calculation:
Interest rate of borrowing Applied to the average accumulated expenditures during period
Capitalizable Costs
Interest incurred during acquisition (continued)◦ Financed by tax-exempt (and non tax-exempt) debt – not
externally restricted (continued) Example:
$1 million unrestricted capital improvement bonds (5 percent) Expenditures first year $500,000 Capitalized interest first year $25,000 ($500,000 X 5%)
Capitalizable Costs
Debit Credit
Construction in Progress $25,000
Interest expense $25,000
Accrued interest payable $50,000
(To record interest accrued on outstanding debt and the portion capitalized as part of construction in progress
Interest incurred during acquisition (continued)◦ Financed by existing resources
If debt outstanding in fund, “recycled” debt No netting Weighted average rate of interest on outstanding debt to average
cumulated expenditures during period
Capitalizable Costs
Interest incurred during acquisition (continued)◦ Financed by existing resources (continued)
Example: Fund with two bond issues outstanding ($1 million at 5% and $1
million at 4%) First year accumulated expenditures $500,000
Capitalizable Costs
Interest incurred during acquisition (continued)◦ Financed by existing resources (continued)
Capitalizable Costs
Outstanding Bond Issues Amount Rate Interest
Bond A $1,000,000 5.00% $50,000
Bond B $1,000,000 4.00% $40,000
Total $2,000,000 $90,000
(a) Total interest expense $90,000
(b) Total bonds outstanding $2,000,000
(c) Weighted average interest rate (a)/(b) 4.5%
(d) Average accumulated expenditures $500,000
(e) Capitalizable interest (c) x (d) $22,500
Interest incurred during acquisition (continued)◦ Financed by existing resources (continued)
Entry
Capitalizable Costs
Debit Credit
Construction in Progress $22,500
Interest Expense $67,500
Accrued interest payable $90,000
(To recognize interest accrued on outstanding debt and portion capitalized
Interest incurred during acquisition (continued)◦ Financed by capital grants restricted for acquisition of
qualified asset No interest is incurred by grantee Other interest in fund cannot be “recycled” No interest capitalized on any portion financed by grant
Capitalizable Costs
Interest incurred during acquisition (continued)◦Mixed financings
Multiple sources (i.e., tax-exempt bonds, capital grants, and existing resources)
Treat each source separately Follow each of prior examples
Capitalizable Costs
Training◦ Not capitalized – 2 reasons
Does not affect the location nor use Asset ready to be used – not if government is ready to use it
Cost should provide benefit throughout useful life Employee turnover
Capitalizable Costs
Improvements (betterments)◦ Two types of costs
Improvements (betterments) - Capitalize Provides additional value – either by:
Lengthening estimated useful life (reconstruct road with material that has longer useful life – concrete rather than asphalt) or:
Increasing assets ability to provide service (more effective or efficient) (widening a highway from two lanes to four)
Repairs and Maintenance – NOT capitalized Retains value – new roof on building
Capitalizable Costs
Valuation of Capital Assets
for FinancialReporting
Purposes
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Initial Valuation◦ Assets purchased or constructed
Historical Cost Estimated historical cost
Standard costing – going price when acquired Normal costing (back trending) – current cost restated in acquisition-
year dollars. Assigning bundled costs to individual assets (building & land)
Work from known to unknown (if know price of land – subtract from total purchase price for cost of building)
Estimate fair value of each – express as ratio – apply to purchase price
Valuation of Capital Assets
Initial Valuation (continued)◦ Assets obtained through trade-ins
Total cost for new asset Example:
Vehicle traded – book value of $1,000 Paid cash of $24,000 for new vehicle (after trade) New vehicle value - $25,000 ($24,000 + $1,000)
Valuation of Capital Assets
Initial Valuation (continued)◦ Donated assets
GAAP – “estimated fair value at the time of acquisition plus ancillary charges, if any.”
“Buy” price – not “Sell” price Price at which the government could have “bought” NOT – price that it could be “Sold” for
If no regular market for donated asset: Cost paid by donor (if within reasonable period of time) Example: Developer donates road
Use developer’s costs if recent construction
Valuation of Capital Assets
Subsequent changes◦ Changes in market value – irrelevant◦ Reassigned to fund that does (not) capitalize interest
General rule – value of asset cannot change solely as result of being moved within the same financial reporting entity.
◦ Improvements (betterments) – direct adjustment◦ Retirement from service
Held for resale – write down to fair value Disposal – remove asset
◦ Impairments Deduct impairment loss and Add cost of restoration
Valuation of Capital Assets
Financial Statement
Presentation andDisclosure
Presentation◦ Statement of Net Assets/Balance Sheet (Government-wide)
Separate depreciable from non-depreciable Land – Construction-in-progress – non-depreciable Buildings – Infrastructure – Machinery & Equipment – depreciable
Separate line for each major class◦ Statement of Activities/Statement of revenues, expenses and
changes in net assets (equity) Depreciation expense – report by function (i.e., public safety,
transportation, etc.) Multi function – either in “General government” or separate line
(i.e., “unallocated depreciation expense”)
Financial Statement Presentation and Disclosure
Presentation◦ Governmental Fund Statements
Classified by “character” (i.e., capital outlay)◦ Reporting impairments (three ways)
Component of program cost Cost of doing business Report in function that uses asset
Extraordinary Item (unusual in nature AND Infrequent in occurrence) (Outside management control)
Special Item (Unusual in nature OR infrequent in occurrence) (Within the control of management)
Financial Statement Presentation and Disclosure
Presentation◦ Reporting disposals
Immaterial gains and losses Can be direct adjustment to depreciation expense for period
Material gains and losses – Government-wide reporting Governmental activities
Gains – general revenues Losses – general government function line
Business-type activities Gains – general revenues Losses – program cost
Material gains and Losses – Enterprise fund statements Non-operating revenues and expenses
Financial Statement Presentation and Disclosure
Presentation◦Movement within entity
Intra-entity sales Value cannot change as long as remains in same entity
Fund Statements – Governmental to Enterprise Governmental – no entry Enterprise – Credit capital contribution
Fund Statements – Enterprise to Governmental Governmental – no entry Enterprise – show as transfer out (note disclosure in transfers – why
one-sided)
Financial Statement Presentation and Disclosure
Note Disclosure◦ Summary of Significant Accounting Policies (SSAP)
Disclose all policies including: Capitalization threshold Methodology for estimating historical cost Extent of infrastructure reporting for items exempt from mandatory
reporting Methodology used for calculating depreciation or amortization
expense (i.e., straight-line method) Estimated useful lives used for depreciating or amortizing capital
assets
Financial Statement Presentation and Disclosure
Note Disclosure◦ Detailed Note Disclosure
Recorded value by major class Changes in recorded value by major class Accumulated depreciation by major class Changes in accumulated depreciation by major class
Separate depreciable from non-depreciable Gross – not net
Value of asset separate from depreciation (not net out) Changes separate (additions and deletions – not net out)
Financial Statement Presentation and Disclosure
Note Disclosure◦ Detailed Note Disclosure (continued)
Depreciation expense by function◦ Required supplementary information
Management’s discussion and analysis Description of capital asset activity Information on modified approach
Infrastructure condition data (modified approach) Results of condition assessment Amounts needed and amounts spent to maintain and preserve
infrastructure
Financial Statement Presentation and Disclosure
Statistical Section◦ Ratio of debt service to total noncapital expenditures
Need Capital Outlay to get total “non-capital” expenditures Reconciliation to government-wide from fund statement of
revenues, expenditures and changes in fund balance ◦Operating information concerning capital assets
Information concerning the volume, usage, or nature of capital assets. Examples:
Number of parks Number of patrol vehicles Number of library books
Financial Statement Presentation and Disclosure
Policies
Setting policies – decisions:◦ Which items should be capitalized?◦ How should discrete components of larger assets be treated?◦ How should fair value be determined for donated capital assets?◦ What major asset classes should be used?◦ Which items should be depreciated or amortized and how?◦ How should control be maintained over items that were not
capitalized?◦ Which capital assets should be tagged?◦ How should disposals be handled?◦ How often should a physical inventory of capital assets be
performed?
Policies
Setting policies – decisions:◦Which items should be capitalized?
Infrastructure and collections Infrastructure prior to required date? Collections: Works of art, historical treasures, similar items?
Capitalization thresholds Single capitalization threshold or different for different major classes? What will the threshold(s) be? Applied to individual items in a group of similar items or to a group of
items in the aggregate?
Policies
Setting policies – decisions:◦ How should discrete components of larger assets be treated?
Will discrete components of capital assets with significantly shorter lives be treated as separate capital assets in their own right? If so, which ones?
If not, will the eventual replacement of a discrete component that is included as part of the cost of the larger asset be treated as a repair or as a disposal?
Policies
Setting policies – decisions:◦ How should fair value be determined for donated capital
assets? What methodology will be used to estimate fair value for donated
assets? Who will be making and documenting estimates of fair value?
◦What major asset classes should be used? What will the major classes be for capital assets? Which specific items will be reported in each?
Policies
Setting policies – decisions:◦Which items should be depreciated or amortized and how?
Will the government use the modified approach? For depreciated/amortized:
Will the useful lives of capital assets be estimated for individual assets or for major classes of assets?
What will be the basis for those estimates? How will the reasonableness of those estimates be evaluated on an
ongoing basis? What will be government’s policy be on estimated salvage value? What method will be used to calculate depreciation/amortization? Will depreciation be applied to individual items or groups of items? How will depreciation be applied to partial years?
Policies
Setting policies – decisions:◦ How should control be maintained over items that were not
capitalized? What criteria will be used to determine that a noncapitalized property item
poses a special risk to the government? How will departments ensure that there is proper control over such items? How will the central accounting function ensure that departments are
meeting their responsibility in this regard?◦ Which capital assets should be tagged?
Which property items will be tagged? For which items will a unique identification number be necessary? Where will tags be placed on each type of property item? Who will be responsible for tagging?
Policies
Setting policies – decisions:◦ How should disposals be handled?
Who may authorize a disposal and in what circumstances? What procedures are to be followed to ensure that the
government receives maximum benefit from the disposal?◦ How often should a physical inventory of capital assets be
performed? How often will physical inventories of capital assets be
performed? Who will be responsible for performing the inventories?
Policies
Inventorying
Initial inventory◦ Responsibility and staffing
In-house staffing Outside staffing Combination of in-house and outside
◦ Design elements (Policies – last section)◦ Input forms
Inventorying
Initial inventory◦Work plan
“As of” date Staffing and workspace Timing Data collection Training Sequencing Use of existing data sources Source materials to be brought to the site by the inventory team
◦ Notification – notify departments in advance
Inventorying
Periodic inventories – Three essential elements1. The data in the accounting records are compared with actual
capital assets.2. An exception report is generated.3. The exception report is used to make any necessary
adjustments to the accounting records.
Inventorying
GFOA Recommended
Practices
Capitalization Thresholds Periodic Inventories Estimated Useful Lives Use of the Modified Approach Control over Noncapitalized Items
GFOA Recommended Practices
Capitalization Thresholds Approved February 24, 2006 Recommendation:◦ Capitalize only if useful life of at least two years ◦ Capitalization thresholds best applied to individual items◦ Never capitalization threshold of less than $5,000◦ Be aware of federal requirements on assets acquired with
federal grants.
GFOA Recommended Practices
Periodic Inventories Approved February 24, 2006 Recommendation:◦ Periodic inventory so all assets accounted for◦ No less than once every five years
GFOA Recommended Practices
Estimated Useful Lives Approved March 2, 2007 Recommendation:◦ Best source own past experience◦ Consider potential effects of these factors when looking at
experience of others: Quality (are the items of the same quality, i.e., asphalt/concrete) Application (i.e., residential street vs major thoroughfare) Environment (different climate)
GFOA Recommended Practices
Use of the Modified Approach Approved October 25, 2002
GFOA Recommended Practices
Control over Noncapitalized Items Approved October 11, 2005 Recommendation:◦ Control normally should occur at the departmental level.◦ Control responsibility should be assigned within each department.◦ Individuals responsible for controller capital-type items should prepare and
maintain a complete list of those items each year within the department.◦ Departments should certify each year to the central accounting function (or
other designated finance function) that updated lists of controlled capital-type items are on file and available for inspection.
◦ The central accounting function (or other designated finance function) should periodically verify the data on controlled capital-type items on file in each department.
GFOA Recommended Practices
Florida Statutes
Florida property rules:Florida Statutes ◦Chapter 274
Florida Administrative Code ◦69I-73
Florida Statutes
Florida Statutes How does Florida Statute differ from GASB
requirements?
◦ Florida Statute requirement: Assets with value of $1000 or more to be booked.
◦GASB: Government to set their own Capitalization Threshold
GFOA recommends that it is never less than $5,000. Higher thresholds for Infrastructure and Buildings – often
$50,000.
Florida Statutes Authorizing and Recording the Disposal of
Property 274.07◦Authority for the disposal of property shall
be recorded in the minutes of the governmental unit.
Florida Statutes
Florida Administrative Code - 69I-73.005Disposition of Property Methods of Disposition – ◦ Rules for disposition are provided in Sections 274.05, 274.06 and
274.07, F.S. ◦ Property which is not accounted for during an inventory is subject to
the rules regarding unaccounted for property in 69I-73.006, F.A.C. Required Information – Shall be recorded on the individual property
record for each item lawfully disposed of:◦ Date of disposition.◦ Authority for disposition (resolution of the governing body properly
recorded in the minutes as required by Section 274.07, F.S.).◦ Manner of disposition (sold, donated, transferred, cannibalized,
scrapped, destroyed, traded).
Florida Administrative Code - 69I-73.005 (continued)Required Information (continued)◦ Identity of the employee(s) witnessing the disposition, if
cannibalized, scrapped or destroyed.◦ For items disposed of, a notation identifying any related transactions
(such as receipt for sale of the item, insurance recovery, trade-in).◦ For property certified as surplus, reference to documentation
evidencing that such property was disposed of in the proper manner. Transfer of Property Records – The individual property record for each
item lawfully disposed of shall be transferred to a disposed property file. Destruction of such records shall be governed by the provisions of Chapter 119, F.S.
Control Account – The cost or value of items shall be removed from the control account at the time of disposition.
Florida Statutes
“Accounting for Capital Assets, A Guide for State and Local Governments” – Stephen J. Gauthier – GFOA Publication
Florida Statutes - Chapter 274
Florida Administrative Code - 69I-73
Presentation sources:
Sarah C. Koser, CPA, CGFO, CPFODeputy Director of FinanceThe Villages Community Development Districts3201 Wedgewood LaneThe Villages, Florida 32162352-753-0421
Contact Information: