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Implementation of SFFAS 6 & 8

Implementation of SFFAS 6 & 8. FY 98 and Beyond Code BFZ, Financial Management Division, NASA HQS. SFFAS 6 Accounting for Property, Plant and Equipment. SFFAS 8 Supplementary Stewardship Reporting. Capitalization Threshold. $5K to $100K Change in Accounting Estimate

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Implementation of SFFAS 6 & 8

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  1. Implementation of SFFAS 6 & 8 FY 98 and Beyond Code BFZ, Financial Management Division, NASA HQS

  2. SFFAS 6Accounting for Property, Plant and Equipment SFFAS 8 Supplementary Stewardship Reporting

  3. Capitalization Threshold • $5K to $100K • Change in Accounting Estimate • Removed Items Under $100K • Materiality of Impact Upon Future Years’ Depreciation Expense - $290M

  4. Depreciation - Equipment • Group/Straight-line Depreciation • Useful Lives - FSC Groups • Beginning Balances (10/1/97) - Accumulated Depreciation • “Older” & “Younger” than Useful Life • “Mid-Year” Convention for Acquisitions • Orbiters

  5. Depreciation - EquipmentContractor-held • PIC 98-12, Q&A on Web Site • NASA Contractor Property Team • Ability to Provide Data • Mutual Understanding of Process • 10/1/97 Beginning Balances • “Sample” Contractors = 93% All Depreciable PP&E

  6. Depreciation - EquipmentContractor-held • 9/30/99 NF1018 Data “Verification” • 5 “Sample” Contractors - Visits • Other “Sample” Contractors - Q & A by Phone, E-mail • Other Contractors - Each Center Contacted 2 - Visit or Phone

  7. FY98 Results • FY97 PP&E Account Balance $27.6B - + Assets In Space $16.5B - Change In Capitalization Threshold $2.9B - Accumulated Depreciation $19.7B - Annual Depreciation Expense $2.0B + Acquisitions Net Of Disposals $2.2B - Heritage Assets $0.3B - Property Not In Use $0.3B • FY98 PP&E Net Asset Value $20.9B

  8. Next Steps • NASA FAR Supplement 1845 & 1852 Revision • NF1018 Reporting Same as FY98, except: • Identify Heritage Assets • PIC • “Training” • “Verification”

  9. Heritage Assets • SFFAS #8 - PP&E of Historical, Natural, Cultural, Educational or Artistic Significance • Multi-use are General PP&E • Include in NF1018 Values, Identify & Describe • Center Evaluate and Consult With Contractor, HQS

  10. InformationSources • NFS - • Current: • http://www.hq.nasa.gov/office/procurement/regs/ 1845.htm • Proposed: • http://www.access.gpo.gov/su_docs/fedreg/ a990517c.html • NF1018 - • http://www.hq.nasa.gov/fmm/forms/nf1018.htm • Q & A - • http://www.hq.nasa.gov/fmm/docs/QA1.htm

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