Statutes, codes, and regulations
New Mexico Administrative Code
Title 2 - PUBLIC FINANCEChapter 20 - ACCOUNTING BY GOVERNMENTAL ENTITIES
Part 1 - ACCOUNTING AND CONTROL OF FIXED ASSETS OF STATE GOVERNMENT, ACCOUNTING FOR ACQUISITIONS AND ESTABLISHING CONTROLS
Section 2.20.1.14 - EXPENDITURES FOR MAINTENANCE AND REPAIRS

N.M. Admin. Code § 2.20.1.14

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Current through Register Vol. 36, No. 1, January 14, 2025
Section 2.20.1.14 - EXPENDITURES FOR MAINTENANCE AND REPAIRS
A. Repairs and maintenance on fixed assets, which are routine and necessary for continued safe and productive operation, should be charged to maintenance expense in the period in which they occur.
B. The expense should be recorded in the appropriate expenditure object code based on the nature of the expense. Repairs and maintenance do not increase the value of the asset, nor prolong its life, but the expenses should be matched to the benefits received.

N.M. Admin. Code § 2.20.1.14

09-30-99; Recompiled 10/01/01, Adopted by New Mexico Register, Volume XXX, Issue 24, December 31, 2019, eff. 12/31/2019