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Essentials of Accounting for Governmental and Not-for-Profit Organizations - page 17 / 19

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8-17

Modified Approach to Infrastructure Accounting

Must

Maintain inventory

Do condition assessments every 3 yrs

Estimate annual cost to maintain at target level

And,

Document that target maintenance level met

Under modified approach, cost of maintaining charged to expense rather than taking depreciation.

Cost to extend the life of existing assets is charged to expense, rather than capitalized under either option

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