Financial Reporting - Capital Assets

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Author:
playboy35
ID:
132630
Filename:
Financial Reporting - Capital Assets
Updated:
2012-02-05 13:16:08
Tags:
CGfO budget financial reporting capital assets
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Description:
Financial Reporting - Capital Assets
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  1. Capital Assets
  2. --Governmental funds
    • Do not depreciate at fund level
    • Reconcile from fund level to government wide level
  3. –Proprietary & fiduciary funds
    • Depreciate at fund level
    • Depreciation at government wide level is arithmetic total of funds
  4. Benefits are more than a ________ fiscal period?
    Single
  5. Capital assets are reported at:
    • –actual/estimated historical
    • cost

    –Fair value (FV) if donated

    –Interfund transfers at lower of Net Book Value (NBV) or FV
  6. Special Issues
  7. –Infrastructure
    • Immovable fixed assets
    • Of value only to the government (GAAP)
    • Modified approach (if used i.e. RSI)
  8. –Post-closure care for landfills
    Recognized over life of landfill
  9. –Intangibles*
    Easements; ”in-house” software
  10. *GASB #51 – Accounting & Financial Reporting for
    Intangible Assets – periods beginning after 6/15/2009 i.e. FY 2010

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