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Capital (Fixed) Assets are defined as all tangible property owned by the Commonwealth (real and personal) with a useful life of more than one year such as land, buildings, computer software and systems, landmarks, infrastructure and equipment.
Capital (Fixed) Assets are defined as all tangible property owned by the Commonwealth (real and personal) with a useful life of more than one year such as land, buildings, computer software and systems, landmarks, infrastructure and equipment.
The acquisition of all land and landmarks regardless of cost; the acquisition of all buildings and roads greater than $100,000; equipment, vehicles and other Capital (Fixed) Asset types with an original cost of, in most cases, $50,000 or more [GAAP Capital (Fixed) Asset] must be recorded. Commonwealth of Massachusetts departments have the option of recording non-GAAP Capital (Fixed) Assets in MMARS.
1/5/2024