Section 706.401965 - Account for total depreciation and amortization allowance1. For the purpose of general ledgers, the account for total depreciation and amortization allowance must be treated as a single composite provision for depreciation and amortization. For the purpose of analysis, a company shall maintain subaccounts in which the account for total depreciation and amortization is segregated according to the same account classification used in the accounts for fixed assets.2. The account for total depreciation and amortization must be credited with the amounts charged to the functional accounts for depreciation and amortization expense.3. On the date of disposal or retirement of a depreciable or amortizable fixed asset, the account must be charged in the amount of the total accumulated provision relating to the asset up to the date of retirement or disposal, and the accounts described in subsection 13 of NAC 706.401982, subsection 4 of NAC 706.401993 and subsection 2 of NAC 706.401994 must be credited or charged, as appropriate. These entries must be recorded with sufficient detail and description to allow ready identification, analysis and verification of all relevant facts.Nev. Admin. Code § 706.401965
Added to NAC by Transportation Serv. Auth. by R040-02, eff. 9-20-2002