AAPC: Accounting and Auditing Policy CommitteeG-PP&E Acquisition
The Acquisition Sub-Group of the AAPC G-PP&E is tasked with developing implementation guidance for financial reporting requirements associated with the acquisition of GPP&E. The subgroup will conduct a detailed review and analysis of applicable established acquisition and accounting guidance. The review and analysis will also include an understanding of the end-to-end processes relating to acquiring GPP&E. The resulting implementation guidance should allow for full implementation of SFFAS No. 6 and No. 23, without being overly prescriptive or burdensome. The guidance should be practical, feasible, cost beneficial, and auditable.
The subgroup will review the following areas: GPP&E Acquisition – historical cost, capital leases, cost accounting, capitalization thresholds, replacements, removal (cleanup costs), reporting entity for real property assets, donated assets, spare parts (engines), improvements, auditable documentation to support acquisition, and reporting assets fully depreciated at implementation of SFFAS No. 23.
The Acquisition sub-group is being co-chaired by Alice Carey, Department of Defense – OIG and Anitra Akanbi, Department of Defense – Army.