Updating capital reporting record
5.6 “Buildings (and building improvements)”: The capital asset class that includes all buildings owned by the County.
Components of a building, not normally replaced, are considered part of the building.
Capitalized interest is only applicable to enterprise funds.Activities to procure materials and equipment that require long lead times may be initiated during this phase.5.14.4 “Capital project implementation phase”: A period during which the project is constructed or implemented.Building improvements include subsequent additions of a new wing or extension, structural renovations and integral component replacement.5.7 “Capital asset”: Tangible or intangible assets that meet all three of the following: a) it must have an initial useful life that extends beyond a single reporting period, i.e., one year; b) it must be used in the operations of the entity; and, c) it must not be specifically excluded by policy, e.g., capitalization threshold.
5.9 “Capitalization threshold”: The minimum dollar value at which the County elects to capitalize its capital assets for financial reporting (see FIN 14-5 (AEP) Capitalization Thresholds for Capital Assets).