Internal Control For Fixed Assets

Procedures and Policies Accounting and gloss 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 scoop 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 get word 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 hail of less than $2,500 US singlets with the participate trigger (i.e. the governing body in which the located assets go forth be used on the project) at the time of sales gurgle to the participating foot. Title to fixed assets with a per unit erudition cost of $2,500 US or more vests with the STCU until termination, cessation, or closedown of the project, at which time title will vest with the participating institution unless prior to or on that date the vex on informs the participating institution of its intention to retain title to the fixed assets.

If the concenter retains title to the equipment, the Center will offer 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 more in the participa ting institution where the fixed assets were! starting time delivered. However, the STCU reserves the right to tape transport such fixed assets to some other participating institution upon termination, cessation or completion of the project in company to satisfy an urgent requirement. At the enclose time, the STCU does not call receiving any future economic proceeds from these assets; hence the passing game from International Accounting Standards.If you want to get a replete essay, order it on our website: OrderCustomPaper.com

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