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acct410 forum 6 - Records of capital assets owned by Lucas...

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Records of capital assets owned by Lucas County have never been maintained in a systematic manner. The auditor has recommended that an inventory be taken and that General Capital Assets accounts be established and maintained. The governing board agrees that it needs better capital asset control but has tentatively concluded that no action will be taken in this regard because the appraisal fee estimates provided by reputable appraisal firms far exceed the amount of resources available for such an undertaking. What suggestions or comments, if any, would you offer if your advice were sought by members of the board? An inventory should be taken on all capital assets and a General Capital Assets accounts should be set up and maintained regardless of whether the asset costs can be established objectively or outside appraisals are made. “The GASB Codification defines general capital assets as all capital assets other than those accounted for in proprietary funds or trust funds [ CITATION Fre13 \l 1033 ].”
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