Transcription of GASB Statement #34 Capital Assets & Depreciation Guidance
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GASB Statement #34 Capital Assets & Depreciation Guidance
GASB Statement #34 Capital Assets & Depreciation GuidanceAugust 31, 2001 Page 1 of 14 The following questions and answers are intended to be informative only, not government entity may face different issues/situations that should be resolved basedon the particular facts, circumstances, and materiality levels of that Capital Assets DefinitionCapital Assets include: land, land improvements, buildings, building improvements, constructionin progress, machinery and equipment, vehicles, infrastructure, easements, and works of art andhistorical treasures. A Capital asset is to be reported and, with certain exceptions, depreciated ingovernment-wide statements.
Capital Assets & Depreciation Guidance August 31, 2001 Page 3 of 14 Examples of building improvements include roofing projects, major energy conservation projects, or remodeling and replacing major building components. A governmental entity will need to determine the practicality of identification of these projects and prepare an inventory.
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