Statement of Accounting Policies, Principles and Standards of the Department of Agriculture

FGMSD-79-13: Published: Feb 14, 1979. Publicly Released: Feb 14, 1979.

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The Department of Agriculture's proposed Statement of Accounting Policies, Principles and Standards for their central accounting system was reviewed and was found to be in compliance for the most part with GAO prescribed accounting principles and standards for Federal agencies. The exception concerned the provision that real property should be capitalized when the property has an estimated fair market value of $1000 or more. Current Federal agency standards do not provide for capitalization minimums in excess of $300. However, this deviation was permissible since it will be applied solely to real property.

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