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Course Description
Preparing Governmental Financial Statements Under GASBS No. 34: Budgetary Capital Assets from PPC
Accounting & Auditing
(8
credits)
$109.95
This interactive self-study course studies how governments must deal with capital assets under GASBS No. 34. Topics discussed include tangible and intangible assets, asset valuation, estimating useful lives, asset impairments, and reporting requirements.
Major
Subjects:
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Summarize the basic elements of capital assets under GASBS No. 34, including the definition of and determining the ownership of capital assets.
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Describe the valuation of a government’s tangible and intangible capital assets.
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Assess issues related to estimating useful lives, depreciation expense, and reporting works of art.
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Differentiate between reporting capital assets in governmental funds and in proprietary and fiduciary funds.
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Calculate the capitalization of interest costs.
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Assess issues with reporting on capital assets in government-wide financial statements and transitioning to the GASBS No. 34 general infrastructure asset requirements.
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Compare and contrast the depreciation and modified approaches for reporting infrastructure.
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Identify the requirements for note disclosures and supplementary information for infrastructure.
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Summarize the basics of the impairment of capital assets and insurance recoveries
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