Reporting Requirements for Annual Financial Reports of State Agencies and Universities
Capital Assets
See Also
How Much Is My Life Insurance Policy Worth? Cash ValueAsset or Liability? Here’s Where Your Home Falls on the Ledger - AmplifyFirst Notice Of Loss Fnol - Definition, What is First Notice Of Loss Fnol, Advantages of First Notice Of Loss Fnol, and Latest News - ClearTaxWhat Are Liabilities? Definition and ExamplesPersonal property is a fixed or movable tangible asset placed into service for operations with the benefits of the asset extending beyond one year from date of acquisition. Improvements or additions made (to existing personal property) are capitalized if they meet the capitalization threshold.
Examples of personal property:
- Furniture (including modular furniture)
- Equipment
- Personal computers
- Vehicles
- Boats
- Aircraft
- Livestock (capitalization threshold is applied to individual animals)
