Lowell updates Fixed Assets Policy to address intangibles and missing-asset reporting
City Accountant Layli Nichols presented an updated Fixed Assets Policy addressing GASB changes on intangibles and special collections; council approved edits to assign the finance department responsibility for missing-asset lists and to add alternative theft-reporting routes if the city administrator is the subject of a concern.
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City Accountant Layli Nichols presented a revised Fixed Assets Policy intended to replace the city's older GASB Statement 34-era policy and to incorporate subsequent GASB guidance on intangibles and special collections. The revisions address asset definition, valuation, capitalization and classification and add treatment for intangible assets and historical items noted in recent GASB updates.
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