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Deferred Maintenance Reporting for Federal Facilities Meeting the Requirements of Federal Accounting Standards Advisory Board Standard Number 6, as Amended (2001) / Chapter Skim
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Appendix B: Excerpts from FASAB Standard Number 6
Pages 51-54

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From page 51...
... The categories are: - general PP&E are PP&E used to provide general government services or goods; - Federal mission PP&E are PP&E exhibiting specific characteristics set by the Board; heritage assets are those assets possessing significant educational, cultural, or natural characteristics; and stewardship land kNOTE 2 Land acquired for or in connection with general PP&E would be included in that category. Land not associated B-l
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From page 52...
... 78 For purposes of this standard, maintenance is described as the act of keeping fixed assets in acceptable condition. It includes preventive maintenance, noonday repairs, replacement of parts and structural components, and other activities needed to preserve the asset so that it continues to provide acceptable services and achieves its expected life.
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From page 53...
... Condition assessment surveys are periodic inspections of PP&E to determine their current condition and estimated cost to correct any deficiencies. it is desirable that condition assessment surveys be based on generally accepted methods and standards consistently applied.
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From page 54...
... and a range estimate of the dollar amount of maintenance needed to return it to its acceptable operating condition. - Tf the total life-cycle cost method is used the following should be presented for each major class of PP&E: *
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Key Terms

  • accounting standards
  • condition assessment
  • stewardship reporting
  • assessment surveys
  • supplementary stewardship

  • major class
  • stewardship land
  • estimated cost
  • line item
  • acceptable operating

  • federal mission
  • assessment survey
  • operating condition
  • heritage assets
  • dollar amount

  • financial statements
  • measuring deferred
  • maintenance expense
  • maintenance standard
  • standards consistently

  • asset experiencing
  • standards recognize
  • balance sheet
  • states government
  • periodic inspections

  • range estimate
  • government entities
  • statements provide
  • below acceptable
  • remedy deferred


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