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In practice, ensuring accounting consistency for large improvement projects became burdensome, especially as some buildings approached the end of their initial useful lives.
144, Accounting for the Impairment or Disposal of Long-Lived Assets.Fixed assets have three primary characteristics: Generally Accepted Accounting Principles (GAAP) generally require fixed assets to be recorded at their cost, including all normal expenditures to bring the asset to a location and condition for its intended use.Full acquisition cost for fixed assets (except software--see Appendix D) includes all expenditures necessary to bring the asset to a location and condition in which it is usable for the purpose intended.Accounting for Asset Retirement Obligations (FASB ASC Topic 410-20; formerly SFAS 143, as interpreted by FIN 47, requires recording an asset and related liability for conditional asset retirement obligations, such as the legal requirement to remediate environmental hazards in land and buildings (for example, asbestos).
Application of these standards can be complex, and Reserve Bank staff must obtain approval from the RBOPS Accounting Policy and Operations Section prior to making any accounting entries.
The Federal Reserve System uses the straight-line method for depreciating fixed assets.