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Office of Financial Services > Accounting Services > Frequenty Asked Questions Property Control > Reports

 

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Reports 

Question

Why does the original value appear on reports when they are old and aren’t worth that amount anymore? 

Answer

Florida Statute 274.02 allows the Chief Finance Officer to establish the rule requirements for recording property.  According to rule 69I-73.003, each property record must be recorded at the original acquisition cost and that amount cannot be reduced by depreciation.  Each report contains different data, but if an amount is included there will be a column for either Acquired Amount, Original Value, Original Amount, or Current Value.
• The Acquired Amount, Original Value, or Original Amount will always show the original acquisition cost.
• The Current Value will take the original acquisition cost and reduce it by depreciation only if the asset was acquired in FY09 or later; otherwise the original acquisition cost will appear.  This has to do with the system not being placed into production until FY09.
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Created at 10/22/2010 11:44 AM  by Moses, Linda@Accounting Services 
Last modified at 11/3/2010 10:21 AM  by Moses, Linda@Accounting Services