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-Continued- 2. Cash and Cash Equivalents All bank deposits are essentially demand deposits and are considered cash and cash equivalents. 3. Accounts Receivable Accounts receivable are stated at the amount management expects to collect from outstanding balances. No provision for bad debt is included in these financial statements because the Bureau considers all accounts receivable to be collectible at June 30, 2017. Capital Assets All acquisitions of capital assets and all expenditures for repairs, maintenance, renewals and betterments that materially prolong the useful lives of assets are capitalized. Maintenance and repairs that do not improve or extend the useful lives of the respective assets are expensed currently. Capital assets are carried at cost. Donations of capital assets are recorded as support at their estimated fair value as established by the donor. Depreciation is computed using the straight-line method as follows: Computer Equipment 5 years Vehicles 5 years Leasehold Improvements 15 years Office Equipment 5 years Other fixed assets 5 years Deferred outflows/inflows of resources In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, Deferred Outflows of Resources, represents a consumption of net position that applies to a future period and so will not be recognized as an expense or expenditure until then. The Bureau has one item that meets this criterion, contributions made to the pension plan in the 2017 fiscal year. In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, Deferred Inflows of Resources, represents an acquisition of net position that applies to a future period and so will not be recognized as revenue until then. The Bureau has one item 19 Aaachmenl number l rn 1-2 Page 204