Best Practices in Capital Assets Recognition, Measurement and Reporting Due to the Release of GASB-104 (Completed)

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 session discusses how these all relate and includes the best practices for capital and right-to-use asset recognition, measurement, presentation, disclosure and reconciliation.

Topics Covered

• Capital and right-to-use asset accounting and financial reporting
• Internal controls of capital and right-to-use assets recognition and measurement
• Presentation and disclosure of capital and right-to-use assets considering GASB Statement No. 104, Disclosure and Classification of Certain Capital Assets

Learning Objectives

• Understand why capital and right-to-use asset accounting and reporting is more difficult than it seems
• Gain knowledge of 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
• Take a fresh look at your internal controls surrounding capital and right-to-use assets because of these (and other changes)

Level
Update

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (Governmental) (2 hours)

Program Prerequisites
Basic governmental accounting.

Advance Preparation
None