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(See paragraph 4.20 for further information.) The capitalized cost of an asset is written off periodically, or depreciated, in a manner that is systematic and rational after consideration of any salvage values (see paragraph 30.75).Allocating the cost of a long-lived asset over the accounting periods which the asset is used matches its cost with revenue generated throughout its useful life.The pooled asset method is described in paragraphs 30.47 and 30.55-30.58.

Capitalized installation costs of equipment should include the cost of initial programming if (1) the cost is included in and is indistinguishable from the price of the purchased equipment, (2) the programming is an integral part of the equipment and is not the type that could be performed in-house, and (3) there is no readily determinable fair value for the software.

Internal use computer software with an acquisition cost of $100,000 or greater should be capitalized as a deferred charge.

Asset units should be readily identifiable (subject to verification of existence without disassembly) and provide economic benefit through distinct, substantive functionality.

Thus, in some instances, an asset may be an integrated unit made up of components that individually do not provide functionality without connection to the other components.

Such policies must be in writing, applied consistently within the District, and provided as information to the RBOPS Accounting Policy and Operations Section.

The accounting rules for capitalizing and depreciating property and equipment have remained the same over the years with only minor departures for special circumstances.

In practice, ensuring accounting consistency for large improvement projects became burdensome, especially as some buildings approached the end of their initial useful lives.

Since 1996, improvements to existing buildings are evaluated, capitalized, and depreciated as separate assets as a practical expedient.

This chapter discusses property and equipment accounts.

These accounts consist of the five accounts listed in the Bank Premises section of the FR 34 balance sheet, the Furniture and Equipment account and its related allowance for depreciation account, and the Other Real Estate account listed in the Other Assets section of the FR 34.

The Federal Reserve System uses the straight-line method for depreciating fixed assets.


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