Get Cfc Sample Intangible Asset Policy.doc - Auditor Iowa

This guide provides a detailed overview of how to complete the CFC Sample Intangible Asset Policy document online. It ensures that users can accurately and efficiently fulfill the requirements set forth by GASB Statement 51 regarding intangible assets.

Follow the steps to fill out the policy form accurately.

1. Click the 'Get Form' button to access the CFC Sample Intangible Asset Policy document and open it in your preferred online editor.
2. Begin with the header section, ensuring that all necessary entity information, such as the name of the city and the date of preparation, is accurately entered. This establishes proper context for the policy.
3. Proceed to the introduction of the policy. Include relevant references to GASB Statement 51, emphasizing the effective date and implications of the policy. This section should set the tone for the policy's significance.
4. Move on to the 'Identifiable' section. Clearly outline what qualifies an intangible asset as identifiable, including the criteria of separability and legal rights.
5. In the 'Criteria' section, describe the characteristics required to classify an asset as an intangible asset. Include examples such as patents and copyrighted materials.
6. Explain the 'Exclusions' outlined in the document. Clearly state which types of assets do not fall under this policy, ensuring to mention the exceptions listed.
7. Address the 'Threshold for Capitalization' and specify the recommended dollar amount for capitalization thresholds, advising that it should align with the size and financial capacity of the city.
8. Detail the sections on 'Measurement/Recognition' and 'Internally Generated Intangible Assets', ensuring users understand how to recognize and report these assets accurately, including capitalization criteria.
9. Include instructions on 'Amortization' and 'Impairment', highlighting methods and procedures for reporting changes in asset value and useful life as per the policy.
10. Wrap up by completing any final details required in the 'Miscellaneous' section, and ensure all relevant approvals and signatures are in place, including those of the city clerk or finance director.
11. Once all fields are filled accurately, review the document for completeness. You can then save your changes, download, print, or share the completed form as needed.

Complete the CFC Sample Intangible Asset Policy online to ensure compliance with financial reporting standards.