Capital Assets Recognition, Measurement and Reporting Due to the Release of GASB-104
Author: Eric S. Berman
| CPE Credit: |
2 hours for CPAs |
The Governmental Accounting Standards Board (GASB) is issuing Statement No. 104, Disclosure and Classification of Certain Capital Assets. The latest update to the Uniform Guidance issued by the federal government raised capitalization thresholds for equipment to $10,000. However, GASB also has an Implementation Guide Update question that may cause us to think further on capitalization. This 2 CPE course discusses how these all relate and includes the best practices for capital and right-to-use asset recognition, measurement, presentation, disclosure and reconciliation.
Publication Date: September 2024
Topics Covered
- Best Practices in Capital Assets
- Are Capital Assets Held for Sale — Breaking News — GASB-104
- GASB-104 — Disclosure and Classification of Certaiin Capital Assets
- The GASB's Preliminary Views on Infrastructure Assets
Learning Objectives
- Identify why capital and right-to-use asset accounting and reporting is more difficult than it seems
- Identify the soon to be issued GASB Statement No. 104, Disclosure and Classification of Certain Capital Assets and how it will impact your capital asset presentation and disclosure
- Identify how to take a fresh look at your internal controls surrounding capital and right-to-use assets because of these (and other changes)
- Identify an example of something that could go wrong with respect to the control objective of completeness
- Identify the anticipated date for an exposure draft with respect to GASB 104
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Accounting (Governmental) (2 hours)
Program Prerequisites
Basic governmental accounting.
Advance Preparation
None
