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Unlike the present reporting of capital assets acquired through or associated with governmental fund

Unlike the present reporting of capital assets acquired through or associated with governmental fund 2025

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GASB Statement #34 provides comprehensive guidance on the accounting and reporting of capital assets and their depreciation for governmental entities. It defines capital assets, outlines the necessary information for inventory records, and details the recording processes for various asset types including land, buildings, machinery, and infrastructure. The statement emphasizes the importance of accurate historical cost determination, establishes criteria for capitalization and depreciation thresholds, and discusses different depreciation methods. Additionally, it addresses specific considerations for infrastructure assets and provides implementation timelines based on government revenue levels.

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What is the general rule for reporting capital assets in the governmental activities column of the government-wide statement of net position?

Governments should report all capital assets, including infrastructure assets, in the government-wide statement of net assets and generally should report depreciation expense in the statement of activities.

What are general capital assets how are they reported in the fund and government-wide financial statements?

General capital assets are those assets acquired with the resources of governmental funds. They are reported as assets in the Governmental Activities column of the government-wide financial statements at historical cost. Those capital assets identified as depreciable are shown net of accumulated depreciation.

What is the general rule for reporting on funds in the fund level financial statements for fiduciary funds?

What is the general rule for reporting on funds in the fund-level financial statements for fiduciary funds? Separate columns should be shown for each fund type, such as Investment Trust Funds (rather than individual funds), in the fund-level financial statements for fiduciary funds.

What must a government-wide statement of net position include?

Net Investment in Capital Assets Component of Net Position The net investment in capital assets component includes: Capital assets less accumulated depreciation and outstanding balances of bonds, mortgages, notes or other borrowings attributable to the acquisition, construction, or improvement of those assets.

Why are general capital assets reported on the statement of net position on the government-wide statements but not on the governmental funds balance sheet?

Capital assets do not appear in governmental fund financial statements because they are presented using the current financial resources measurement focus and modified accrual basis of accounting. Capital assets purchased or constructed with governmental fund resources are expensed in the period they are acquired.

Which of the following governmental funds must be reported as a major fund?

Option A, The General Fund, is the only governmental fund that must be reported as a major fund.

Where should capital assets used by governmental funds be reported?

Reporting General Capital Assets assets in governmental funds but should be reported in the governmental activities column in the GW SNP.

Unlike the present reporting of capital assets acquired through or associated with governmental fund 2025

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Got questions?

What is the general rule for reporting capital assets in the governmental activities column of the government-wide statement of net position?

What are general capital assets how are they reported in the fund and government-wide financial statements?

What is the general rule for reporting on funds in the fund level financial statements for fiduciary funds?

What must a government-wide statement of net position include?

Why are general capital assets reported on the statement of net position on the government-wide statements but not on the governmental funds balance sheet?

People also ask

Which of the following governmental funds must be reported as a major fund?

Where should capital assets used by governmental funds be reported?

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Unlike the present reporting of capital assets acquired through or associated with governmental fund 2025

Here's how it works

How to rapidly redact Unlike the present reporting of capital assets acquired through or associated with governmental fund online

Complete this form in 5 minutes or less

Got questions?

What is the general rule for reporting capital assets in the governmental activities column of the government-wide statement of net position?

What are general capital assets how are they reported in the fund and government-wide financial statements?

What is the general rule for reporting on funds in the fund level financial statements for fiduciary funds?

What must a government-wide statement of net position include?

Why are general capital assets reported on the statement of net position on the government-wide statements but not on the governmental funds balance sheet?

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People also ask

Which of the following governmental funds must be reported as a major fund?

Where should capital assets used by governmental funds be reported?

Related links

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