7463     GENERAL FIXED ASSETS ACCOUNT GROUP 
(Revised 09/02)

The State uses a General Fixed Asset Account Group to account for the fixed assets acquired by those funds that use a modified accrual basis of accounting (e.g.; governmental cost funds, bond funds, federal funds, and some trust funds).  The information is used to facilitate the presentation of GAAP financial statements.

Agencies will maintain their general fixed assets in a General Fixed Assets Account Group.  The account group is a set of self-balancing accounts in the general ledger.  The State’s general fixed assets will be capitalized in the account group and not in a fund.

Agencies will report their general fixed asset additions, deductions, and balances on Year?end Reports 18 and 19.  The SCO does not maintain fixed asset accounts.