WebCapital assets are defined by GASB 34 as land and improvements, easements, buildings and improvements, vehicles, machinery, equipment, works of art and historical treasures, infrastructure, and all other tangible or intangible assets that are used in operations and that have initial useful lives extending beyond a single reporting period. WebGasb 34. Unrestricted Net Assets . Restricted Net Assets. Investment in Capital Assets Net of Related Debt. Gasb 63. Unrestricted Net Position . ... Capital Assets, Net of Accumulated Depreciation $ 46,589,885. Less: Outstanding Related Debt. G. O. Bond outstanding at fiscal year end - 18,040,000 ...
Impairment of Capital Assets and Insurance Recoveries
WebGASB 51 clarified questions regarding the accounting and financial reporting requirements for intangible assets as capital assets. GASB 51 defines an intangible asset as an … WebReport capital asset activity for proprietary funds and discrete component units using the full accrual basis of accounting. Follow the instructions pertaining to business-type activities when recording capital asset activity for proprietary funds and discrete component units. GASB 51 was implemented in fiscal 2010. robertson interior
Lessee accounting for governments: An in-depth look
WebNov 7, 2024 · Yes, paragraph 20 of GASB 87 identifies intangible right-to-use lease assets as capital assets. GASB 87 does not amend paragraph 9 of GASB Statement No. 63, … WebDepreciation of capital assets under GASB 34. Depreciation represents the recognition of the cost of an asset over time, by calculating its estimated loss in value during each accounting period. The new financial reporting model requires LEAs to calculate and report depreciation on their capital assets. ... WebMar 20, 2024 · Capital assets, for example, aren’t subject to the fair value measurement and reporting requirements of GASB No. 72. For assets that have characteristics of both capital assets and investments—for … robertson international