Section 7 Introduction
(Last Modified on May 1, 2017)
Capital Assets are required to be accounted for and reported in accordance with generally accepted accounting principles (GAAP).
This section provides guidance on accounting and reporting of Capital Assets in the institution’s general ledger and the Annual Financial Report (AFR), as well as providing information on standards used in the initial implementation of GASB Statements Nos. 34 and 35 along with ongoing compliance with new reporting requirements. Included are asset category definitions, capitalization thresholds, depreciation methodologies, and examples of expenditures for each class of assets. Additionally, guidelines for leasehold improvements, impaired assets, intangible assets and construction in progress are included.↑ Top