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Story County board sends updated capital asset policy to seven‑day review to reflect GASB guidance and raise tagging threshold
Summary
The Story County Board of Supervisors on Jan. 14 approved sending a proposed update to the county's capital asset policy out for a seven‑day review to reflect new GASB guidance on subscription‑based software and to raise the physical‑inventory tagging threshold from $500 to $1,000.
The Story County Board of Supervisors on Jan. 14 approved sending a proposed update to the county's capital asset policy out for a seven‑day review, after county staff said the revision is needed to incorporate a new Governmental Accounting Standards Board (GASB) requirement and to raise the fixed‑asset tagging threshold.
Auditor Lucy Martin told the board the new GASB guidance covers subscription‑based software arrangements (referred to in the presentation as SBITA) and that the county's contract with COT qualifies as an intangible…
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