Compare the GASB disclosure requirements listed below with the ACFR for Kansas City Missouri. GASB...
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Compare the GASB disclosure requirements listed below with the ACFR for Kansas City Missouri. GASB Disclosure Requirements Capital assets that are not being depreciated are disclosed separately from depreciated assets. In addition to the general policy for capitalizing assets and estimating the useful lives of depreciable assets, the required disclosures include: Beginningofyear and endofyear balances showing the accumulated depreciation separate from historical cost Capital acquisitions during the year Sales or other dispositions during the year Depreciation expense for the current period with disclosure of the amounts charged to each function in the statement of activities Disclosures describing works of art or historical treasures that are not capitalized and explaining why they are not capitalized. If capitalized, include in the disclosures described above Discuss how your ACFR reports on these requirements and answer the questions below. What can you learn from this disclosure? Is there construction work in progress recorded? What is your entities policy regarding capitalization?
Compare the GASB disclosure requirements listed below with the ACFR for Kansas City Missouri.
GASB Disclosure Requirements
Capital assets that are not being depreciated are disclosed separately from depreciated assets.
In addition to the general policy for capitalizing assets and estimating the useful lives of depreciable assets, the required disclosures include:
Beginningofyear and endofyear balances showing the accumulated depreciation separate from historical cost
Capital acquisitions during the year
Sales or other dispositions during the year
Depreciation expense for the current period with disclosure of the amounts charged to each function in the statement of activities
Disclosures describing works of art or historical treasures that are not capitalized and explaining why they are not capitalized. If capitalized, include in the disclosures described above
Discuss how your ACFR reports on these requirements and answer the questions
below.
What can you learn from this disclosure?
Is there construction work in progress recorded?
What is your entities policy regarding capitalization?
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