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B-159797 1 (1980-09-26)

handle is hein.gao/gaobabjwg0001 and id is 1 raw text is: COMPTROLLER GENERAL OF THE UNITED STATES WASHINGTON. D.C. 20548 i I B-159797 September 26, 1980 4*7 Q(4 PF7 A The Honorable Edward Hidalgo The Secretary of the Navy Dear Mr. Secretary: As you know, approval of all Executive Branch accounting systems is not only a goal of our Office, but is high on the financial priorities list of the Office of Management and Budget. CWe have been cooperating with members of your accounting staff as they have worked to submit the Navy Strategic Weapons Facility, Pacific and the Military Sealift Command Industrial Fund accounting system designs for our approval Based on the target dates they submitted to us earlier this year, 'we -anticipated approving -these accounting system designs during fiscal year 1980. However,.-the progress made to date to resolve the remaining: problems concerning capitalization of fixed assets in both of these system designs and the lack of adequate des-ign, documentation to sup- port disbursements to contractors in the Mil'itary Sealift Command accounting system is not 'ufficient for these systems to be approved by September 30, 1980.- Capitalization of fixed assets On April 4, 1980, ?'I issued revised capitalization criteria for Government-owned property. Theserrevised criteria increased the dollar minimum for the capi-talizati.on of, all flixed: assets except furni- ture, fixtures, and office equipment from $300 to. $1000. The dollar minimum for furniture, fixtures, and office equipment remains at $300. This increase in the criteria was established after careful delibera- tion and consultation with various, agencies.:, (including the De-pa.rtment of Defense) of the Executive ,Branch, and, staffs of congressional comm-ittees.. During July 1980 the Comptroller of the Navy issued instructions requiring fixed asset 'accounting at all industrial fund activities. However, the instruction does not include the specific dollar capi- talization criteria in my April 4, 1980, iss-uance. for furniture, fixtures, and office equipment. We cannot approve any accounting sys- tem de sign tha-t does not con-form to ou.r. established limits for capitalization of property. 62/7/

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