Board Agenda - May 20, 2008

1. CFB (LOCAL) - Accounting: Inventories, Second Reading

Presenter: Karla Oliver

Purpose: A - Request decision - closure required

Time: No time limit

Description:

As part of implementing the Governmental Accounting Standards Board Statement 34, GASB 34, the District modified its capitalization threshold to be $5,000 per asset. The Financial Services Department prepared written capitalization accounting policies and procedures for internal use in preparing the comprehensive annual financial report for fiscal year 2002. The District's external auditors approved and signed off on the capitalization accounting policies and procedures. Policy CFB Local addresses the administration of equipment and identifies the District's capitalization threshold. There are no changes to current accounting practices in place for financial reporting purposes on capital assets.

This policy has been reviewed and approved by legal counsel.

Recommendation:

The administration recommends adoption of CFB policy on second reading.

Business Impact:

None

Summary:

Appendix:

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