California Code of Regulations
Title 2 - Administration
Division 2 - Financial Operations
Chapter 2 - State Controller
Subchapter 3 - Accounting Procedures for Special Districts
Article 2 - Water Utility Districts
Section 1041.11 - Retirement of Fixed Assets

Universal Citation: 2 CA Code of Regs 1041.11
Current through Register 2024 Notice Reg. No. 38, September 20, 2024

When a fixed asset is sold or otherwise retired, cost or recorded value is removed from the property accounts and the accumulated allowance for depreciation or amortization for that asset is removed from the valuation reserve.

Gain or loss, measured by the difference between:

Book value (Cost less accumu-

Proceeds from sale of

lated depreciation)

and

asset or salvage

Removal or dismantling costs

Insurance proceeds

is posted to other non-operating revenue or other non-operating expense.

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