Complications with Capital Assets
Capital assets are often the largest assets reported by a government, yet accounting for them often takes place after fiscal year end. This session will cover the complexities related to accounting for capital assets, including proper journal entries for the sale, transfer, and disposal of a capital asset.
Speakers will also discuss internal policies, such as capitalization thresholds and inventory protocol, and the new disclosure requirements from GASB 104.
Learning Objectives
Improve internal business processes to more efficiently track and account for capital assets.
Describe proper accounting practices for capital asset transactions such as the sale, transfer, and disposal of an asset.
Compare capitalization threshold best practices with their practical application.
Explain the disclosure requirements for capital assets, including intangible assets and capital assets held for sale.