600.8 Fixed Asset Year End Accounting Procedures

LIBRARY ACCOUNTING: Significant work is needed at year-end to capitalize additions, and to record disposals and annual depreciation to the University library. Refer to the Library Accounting policy and the Annual Closing of the Books Instructions.

CONSTRUCTION IN PROGRESS: Refer to the Annual Closing of the Books Instructions. As a result of GASBs 35, PSU must report the total expenditures of construction in progress (CIP) at the end of each fiscal year. 

CAPITAL AND OPERATING LEASE DISCLOSURES: 
Refer to the Accounting for Leases policy and the Annual Closing of the Books Instructions.