102.4 - Statewide Accounting Policy - Libraries

Policy Area: Accounting and Financial Reporting
Policy Sub Area: Capital Assets
Authority:  GASB Codification Section 1400
Effective Date: 7/1/1995
Last Revision Date: 6/30/2017
Policy Owner/Division: Statewide Accounting


A library is a repository for literary and artistic materials such as books, e-books, periodicals, newspapers, pamphlets, videos, etc. kept for reading or reference. Books and other library materials should be inventoried if the books/library materials have a useful life of 2 or more years and have a cumulative cost of $5,000 or more. This threshold is applied at each library level and not the agency level. All agencies should expense library books and other library materials in the year of acquisition. 

The net amount of book and library material additions and retirements for each year will be added/subtracted to/from the original asset by assigning the net amount the same asset number as the original asset. 

Subscription services that are replaced every year (i.e. legal/tax services) are deemed to have a useful life of less than two years and would not be capitalized. 

Periodicals must be housed in the library for reference to be classified as library materials. CD ROMs are considered software and should be expensed.



Accounting Guidance


Related Documents (Memos/Forms)

Intangible Assets Policy

Revision History

  • 1/22/2017 - Policy updates
  • 1/30/2017 - Update links
  • 6/30/2017 - Minor edits