Title: Accounting for Buildings & Improvements | Finance & Business
Headings: Accounting for Buildings & Improvements
Accounting for Buildings & Improvements
Guidance on establishing when costs for buildings and improvements must be capitalized at the university.
Procedures
1. Purchased Buildings:
2. Construction and Improvements:
3. Fixed Equipment
4. General Improvements

Content: Accounting for Buildings & Improvements | Finance & Business
Accounting for Buildings & Improvements
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Accounting for Buildings & Improvements
Guidance on establishing when costs for buildings and improvements must be capitalized at the university. Building & Structure: A building is a structure that is permanently attached to the land, is not infrastructure, and is not intended to be transportable or moveable. Fixed Equipment: Includes furnishings and equipment which are permanently attached or fastened to the building, but are not themselves structural components. They cannot be removed without costly or extensive alterations or repairs to the building. General Improvement: Improvements that cannot be assigned to a building or structure. Construction in Progress (CIP): Accounts are only used at fiscal year-end by Capital Asset Accounting to report the amount of expenditures for projects that are not yet placed in service and ready to be formally capitalized.