Financial Reporting - Capital Assets
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- Do not depreciate at fund level
- Reconcile from fund level to government wide level
–Proprietary & fiduciary funds
- Depreciate at fund level
- Depreciation at government wide level is arithmetic total of funds
Benefits are more than a ________ fiscal period?
Capital assets are reported at:
- –actual/estimated historical
–Fair value (FV) if donated
–Interfund transfers at lower of Net Book Value (NBV) or FV
- Immovable fixed assets
- Of value only to the government (GAAP)
- Modified approach (if used i.e. RSI)
–Post-closure care for landfills
Recognized over life of landfill
Easements; ”in-house” software
*GASB #51 – Accounting & Financial Reporting for
Intangible Assets – periods beginning after 6/15/2009 i.e. FY 2010
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