2020-12-16 Focus Group Items To Discuss

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Last updated: Dec 16, 2020Version comment
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  1. Development progress update. (Jason)

  2. Follow up on changing Capitalization thresholds and review response from AOS.

    1. Is an item always capitalized?  No, capitalization of individual items are determined by the policies and guidelines set forth by the district at the time the financial statements are prepared. The policies should establish the criteria between capitalized items and “controlled” items.

    2. If a district changes the capitalization threshold and the item's original cost no longer meets the threshold, is it still capitalized?  See answer above.  If there is a change in capitalization criteria for any reason (threshold or other) there may be situations in which previously capitalized items may no longer be reported as capitalized in the future, and vice versa.

  3. Declining Balance depreciation method.  We need to implement both Straight-Line and Declining Balance depreciation methods.

  4. Is EISCHG (Option 6) Mass Change to Full Depreciation used anymore?  Implemented to prepare for GASB 34 to basically depreciate items that didn't have to be tracked prior to GASB 34 (Governmental and Fiduciary).

    1. This option was implemented due to changes in 1999 for GASB 34 and is no longer needed.

  5. Review Item Statuses - Do all of these still make sense?  We have reached out to AOS for clarification.

    1. Status values are the following state defined codes: A-active, I-inactive, D-disposed of, N-new item, O-old tag item, EH-excess asset-hold for sale, EN-excess asset-not in use. Only items coded as A, N, EH, or EN will be considered for GAAP reports.

    2. Sarah: only using active and disposed of

    3. Matt: if we are able to eliminate any value we'll certainly make sure to make the classic value to a value in the redesign.

    4. Kevin: Not a big user of Classic EIS so unsure of some values.  

    5. Matt: we aren't locked into this being one field if some values are subcategories of other values.

  6. Items from the floor?

    1. We need to follow up with AOS regarding their response on capitalization.  The concern is being able to disclose why something is no longer capitalized after changes to capitalization are made.