B-2-(a)Town of Berwick Financial Statements - March 31, 2010
4 passages
Tangible Capital Assets Tangible capital assets are recorded at cost which includes all amounts that are directly attributed to acquisition, construction, development or betterment of the asset. The cost, less residual value, of the tangib...
AI summary Tangible capital assets are recorded at cost, including all amounts directly attributed to their acquisition, construction, development, or betterment. The cost, less residual value, is amortized on a straight-line basis over their estimated useful life.
Buildings 40 years Machinery and equipment 5 to 15 years General office equipment 5 years Parks and open space infrastructure 5 to 15 years Vehicles 7 years Streets 30 years Sidewalks 20 to 30 years Street lighting 25 years Sewer collectio...
AI summary The document outlines the estimated useful lives of various infrastructure and utility assets in Nova Scotia, including buildings, machinery, vehicles, and power generation facilities, which are relevant for accounting and depreciation purposes.
Capital assets and projects in progress are recorded at the utility's gross cost. Interest incurred during construction on significant utility capital projects is capitalized. Interest is calculated at the prevailing prime rate for project...
AI summary The document outlines the accounting treatment of capital assets and projects in progress, noting that they are recorded at the utility's gross cost. Interest incurred during the construction of significant utility capital projects is capitalized at the prevailing prime rate.
Electric Utility - Depreciation Depreciation of fixed assets is recorded in the accounts of the Electric Utility Capital Fund on a straight line basis over the estimated useful lives as prescribed by the Nova Scotia Utility and Review Boar...
AI summary The document outlines the depreciation of fixed assets for the Electric Utility Capital Fund, recorded on a straight-line basis over estimated useful lives as mandated by the Nova Scotia Utility and Review Board. The depreciation charge is transferred to a special bank account for funding replacements or repaying capital debt, subject to board approval.