Robert Ensinger

SOP 98 / GASB 51 Tracking

Discussion created by Robert Ensinger on Sep 7, 2010
Latest reply on Sep 8, 2010 by Chris_Hackett
Hi all.
Our finance department has come to me with the requirement that we track intangible assets as per the GASB 51 standard. We're public, this standard appears to be similar to SOP 98 in the private sector.
This is my first time sticking my toes in these waters. It appears to me standards such as these further clarify what an organization should track as capital vs expense, not necessarily flagging intangibles as a subset of capital.

My hunch here is the Clarity tool for the job is Charge Codes (Capital / Expense) and our action is to ensure we have our templates and projects setup to properly capture these capital tasks.

Who else captures/reports on capital project costs to GASB 51 or SOP 98 standards? Do you simply rely on Charge Codes? I'd love to hear the experiences & tool architecture of others. I'm about to be pulled into meetings that I'd like to be able to speak credibly to how we will implement this in Clarity.