Changes in Accounting Standards for Capital Assets Can Help Preserve the Infrastructure
Stepnick, Edward W., The Journal of Government Financial Management
The Governmental Accounting Standards Board's (GASB) Statement 34, Basic Financial Statements -- and Management's Discussion and Analysis -- for State and Local Governments, issued in June 1999, makes sweeping changes in the form and content of government financial statements and modifies many underlying accounting standards. An earlier Journal article summarized the principal features of Statement 34.(1) This article looks closely at some important changes in the standards for general capital assets, such as eliminating the accounting mechanism known as the general fixed assets account group (GFAAG) and adding a requirement for reporting depreciation as a cost of "using up" the assets. …
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Publication information: Article title: Changes in Accounting Standards for Capital Assets Can Help Preserve the Infrastructure. Contributors: Stepnick, Edward W. - Author. Journal title: The Journal of Government Financial Management. Volume: 50. Issue: 3 Publication date: Fall 2001. Page number: 42+. © Association of Government Accountants Winter 2008. Provided by ProQuest LLC. All Rights Reserved.
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