Depreciation types - HxGN EAM - Version 11.07.01 - Feature Briefs - Hexagon

HxGN EAM Equipment Depreciation

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Feature Briefs
HxGN EAM Version

The Equipment Depreciation record previously included a Depreciation Type field (entity DETP) defaulted with the value ‘*.’ With the new EAM release, the entity DEPT will have three more available values and support additional user defined values for identifying depreciation standards.

These depreciation types are included with EAM:

  • GAAP (Generally Accepted Accounting Principles) - Generally Accepted Accounting Principles refer to the standard framework of guidelines for financial accounting used in any given jurisdiction; known as accounting standards or standard accounting practices. The performance elements include revenue or expenses, assets or liabilities, gains, losses, and comprehensive income. These standards are used throughout the United States.

  • GASB (Government Accounting Standards Board) - The Government Accounting Standards Board was created in 1984 to establish accepted accounting principles for state and local government entities.

  • IFRS (International Financial Reporting Standards) - International Financial Reporting Standards are designed as a common global business language for business affairs so that company accounts are understandable and comparable across international boundaries. The performance elements include Revenue or expenses, and assets or liabilities. These standards are used in100 countries included those of the European Union.

The depreciation type field remains an informational attribute for the equipment asset. The addition of depreciation type will give clients the flexibility to track depreciation using different standards for operational and accounting purposes.