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FGMSD-79-13 1 (1979-02-14)

handle is hein.gao/gaobaayqe0001 and id is 1 raw text is: COMPTROLLER GENERAL OF THE UNITED STATES WASHINGTONr. D.C. 2cus s 3-115308 February i4, 1979 The Honorable Bob Bergland II I The Secretary of Agriculture 10859 108594 Dear Mr. Secretary: It is my pleasure to approve the jstatement of Accounting Policies, Principles and Standards _. the e- cunting syste of the Department of Agricu34!v. J-. The Statement, submitted formally by the Assistant Secretary for Administration on January 11, 1979, is adequate and, except as noted in the following paragraph, is in conformity with vur prescribed accounting principles and standards for Federal agencies. The departmental accounting policies, principles and standards pro- vile that real property (buildings, structures and facilities) shall be capitalized when the property has an estimated fair market value of $1,000 or more. Our prescribed accounting principles and standards for Federal agencies do not provide for capitalization minimums in excess of $300. However, we consider the $1,000 criteria to be a permissible devi- ation since it will be applied solely to real property. The Department's minimum dollar criteria for application to personal property is within e= prescribed minimum. The Office of Management and Budget (OMB) has not yet approved the Department's revised administrative control of funds regulations. These regulations provide guidelines for use by the Department's constituent agencies in the development of their own administrative control of funds regulations. Although we found the fund control principles prescribed in Section III of the Department's Statement acceptable, we consider it Iecessary to examine the individual agencies' fund control regulations as part of our design evaluation of the fund control aspects for the central accounting system. Any change to the Department's administrative. control of funds requirements which may be made based on C/B's review should be brought to our attention. Statements of accounting principles and standards were previously approved for agencies of the. DepartLaenL whose accounting will now be performed in w.hole or in part by the centralized accounting system. Five agencies will continue to periorm accCuncing for Lheir proglram operations with the central accounting system performing accounting for their administrative funds. This approval will supersede all previously approved statements of accounting principles and standards for agencies FGMD-7G913 /' t'(93161)

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