California Code of Regulations
Title 2 - Administration
Division 2 - Financial Operations
Chapter 2 - State Controller
Subchapter 3 - Accounting Procedures for Special Districts
Article 5 - Transit Districts
Section 1071.8 - Retirement of Fixed Assets
Universal Citation: 2 CA Code of Regs 1071.8
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
Accounting for fixed assets sold or otherwise retired will depend upon the method of depreciation employed. For assets with individual cost and depreciation records, cost or recorded value is removed from the property accounts and the accumulated allowance for depreciation or amortization from the valuation reserve. Gain or loss, measured by the difference between:
|
Book value (Cost less accumulated depreciation) |
and |
Proceeds from sale or salvage |
|
Removal or dismantling costs |
Insurance proceeds |
is posted to depreciation accounts as applicable.
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