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Tải xuống
Tài sản vốn được định nghĩa là tài sản cá nhân với một chi phí ban đầu là $ 5.000 hoặc nhiều hơn cho đồ nội thất và trang thiết bị và $ 100.000 cho các tòa nhà và cải tiến tại ngày mua. Tài sản hiến tặng được ghi nhận theo giá trị thị trường của họ tại thời điểm tặng cho. | Chapter 3 Financial Audit Capital assets are defined as assets with an initial individual cost of 5 000 or more for furniture and equipment and 100 000 for buildings and improvements at the date of acquisition. Donated assets are recorded at their fair market value at the date of donation. Capital assets acquired by the department are recorded as expenditures in the governmental fund financial statements. Capital assets are capitalized and depreciated in the government-wide financial statements on the straight-line method over the following estimated useful lives Buildings and improvements 30 years Furniture and equipment 5-12 years Departments sharing the same building and improvements with other departments of the State report their respective allocated share of the cost as determined by the State s Department of Accounting and General Services. Workers compensation liability The department is assigned responsibility for the administration processing and payment of workers compensation claims and benefits for certain State departments. The workers compensation liability represents the estimated ultimate net cost of all reported losses incurred through the date of the financial statements. The department has established a liability for the estimated workers compensation claims and benefits which the department expects to pay in future periods. The obligation is expected to be liquidated through appropriations through the State s general fund. As of June 30 2006 the workers compensation liability of 29 225 000 and the related workers compensation expense of 7 221 978 did not include incurred but not reported IBNR reserves which represent estimated liabilities for employee injuries that have occurred during the fiscal year but the claims have not been reported to the department until after the fiscal year. In addition the department did not adjust the June 30 2006 workers compensation liability and related expense accounts for certain closed claims and adjustments .
