(A) The Capital Asset Policy will be effective January 1, 2023. The Capital Asset Policy documents the minimum value of capital assets to be reported on the Town of Plainfield's Annual Financial Report. The Capital Asset Policy follows the Government Accounting Standards Board (GASB) Statement 34. The town will be required to depreciate capital assets. The minimum capital asset threshold will be $10,000. An asset valued less than $10,000 will be expensed in the year of the purchase.
(B) The Capital Asset Policy will serve to classify capital assets for accuracy in financial reporting through the Indiana State Board of Accounts.
(Ord. 54-2022, passed 12-19-2022)