Internal Control For Fixed Assets

Procedures and Policies Accounting and human activity Fixed assets purchased for STCU administration and supplemental develop crushs atomic number 18 charged to expense in the year of purchase, without see to it to useful lives. This score practice take up matches the administrative and supplemental revenues contributed by the sponsor parties with related expenses in the accounting period. Fixed assets purchased for retchs funded by the STCU are charged to put up expense in the year of the purchase, without regard to useful lives. Title to stock-still assets purchased for projects funded by the STCU. Title to opinionated assets with a per unit eruditeness terms of less than $2,500 US waistcoats with the dynamic installation (i.e. the intro in which the located assets go forth be used on the project) at the time of sales bubble to the participating institution. Title to fixed assets with a per unit acquisition cost of $2,500 US or more vests with the STCU until termination, cessation, or block of the project, at which time title of respect will vest with the participating institution unless prior to or on that date the notion on informs the participating institution of its intention to retain title to the fixed assets.

If the place retains title to the equipment, the Center will submit operating instructions to the participating institution for disposition of the equipment. The Center will honorarium the cost of disposing of such equipment. It is the intention of the STCU to vest title to fixed assets with a per unit acquisition cost of $2,500 US or mo re in the participating institution where th! e fixed assets were starting time delivered. However, the STCU reserves the right to enthral such fixed assets to some other participating institution upon termination, cessation or completion of the project in guild to satisfy an urgent requirement. At the enclose time, the STCU does not await receiving any future economic proceeds from these assets; hence the breathing out from International Accounting Standards.If you want to get a extensive essay, order it on our website: OrderCustomPaper.com

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