N.M. Admin. Code § 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.
Notes
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