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Accounting for Fixed Assets
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In contrast, much has happened in the areas of Not-for-Profit and Government accounting for fixed assets. FASB ordered the capitaliza- tion of assets and charging of depreciation by Not-for-Profits. The gov- ernment Accounting standards Board was created as an equal to the FASB with the authority and responsibility to promulgate GAAP for governments. They replaced the Government Finance Officers Associ- ation and its “Blue Book”, Governmental Accounting, Auditing, and Financial Reporting as the “official” accounting rules for State and Lo- cal government. An early step by the new GASB was to suspend de- preciation for “government” not-for-profit accounting. There was a determination of jurisdiction between FASB and GASB which are outlined in Chapter 10, “Government Accounting” and Chap- ter 11, “Not-For-Profit Accounting.” Then the GASB issued concept papers that moved government ac- counting toward the practices long held as appropriate for businesses. These concept papers state that assets should be placed on the books at acquisition cost and that cost spread over the accounting periods they benefit. This is a major change in accounting for these groups. Past practice was for assets to be purchased and expensed in the current period, if purchased with general revenue, or not even recorded if purchased with bonds or other special revenue sources.
Raymond H. Peterson - Personal Name
Second Edition
0-471-09210-X
NONE
Accounting
English
2002
1-202
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