Depreciation of Capital Assets
FIN-ACC-180
About This Policy
- Effective Date:
- 07-01-1992
See current policy
- Date of Last Review/Update:
- 01-01-1996
- Responsible University Office:
- Capital Assets
- Responsible University Administrator:
- Vice President and Chief Financial Officer
- Policy Contact:
Jennifer George
Director of Auxiliary Accounting, Capital Asset Management, Non-Student Accounts Receivable, and Student Loan Administration
jmabry@iu.edu
- Policy Feedback:
- If you have comments or questions about this policy, let us know with the policy feedback form.
Policy Statement
Effective July 1, 1990, Indiana University will depreciate the capital asset categories of moveable equipment, buildings, infrastructures, leasehold equities, library books and equipment start up costs.
Reason for Policy
To convey the application of the accounting concept of depreciation for the university.
Procedures
The calculating and applying of the value decreases are the responsibility of Financial Management Services.
Definitions
Depreciation: A financial recognition of the diminishing service capacity or utility; the lost usefulness; the wasting away of a tangible asset during the periods of service life.
History
The source to this policy is:
Financial Accounting Standard Board (FASB)Statement 96, Governmental Accounting Standards Board (GASB) Statement 8
Please note: This is an archived version of the policy. View the current version.