Accounting for Capital Assets

Training Type: 
Live Training
Date and Time: 
Sep 16 2019 - 8:30am to 4:30pm  PDT
Region: 
Pacific
Location: 

Sacramento, CA (Sheraton Grand Sacramento)

1230 J St
Sacramento, CA 95814
United States
Level: 
Basic
Field of Study: 
Accounting – Governmental
CPE Credits: 
8
Member Price: 
$405.00
Non-Member Price: 
$605.00
Prerequisite: 

Intermediate Governmental Accounting or a basic understanding of GAAP for state and local governments

Speakers: 
Computer Systems Manager
City of New York Department of Finance
Director
Government Fixed Asset Services, Inc.
Who Will Benefit: 

Mid- to senior-level government finance officers, property accountants, and others responsible for developing or maintaining capital asset records.

Program Description: 

The seminar will furnish participants with the basic information needed to properly account for capital assets and report them in financial statements prepared in conformity with generally accepted accounting principles (GAAP).

Participants may wish to bring a copy of their CAFR to the course.

Seminar Objectives: 

Those who successfully complete this seminar should be able to:

  • Identify the basic information requirements for a capital asset management system;
  • Make appropriate journal entries for capital assets under both the economic resources and the current financial resources measurement focus;
  • Identify the major capital asset classes and the specific types of capital assets properly included in each;
  • Distinguish costs that should be capitalized from those that should not;
  • Determine the value at which capital assets should be reported;
  • Identify and calculate capital asset impairments;
  • Properly depreciate or amortize capital assets;
  • Prepare financial statements that conform to the display and disclosure requirements of GAAP for capital assets;
  • Identify the essential elements of system design for a capital asset management system, including specific policies related to capital assets; and
  • Identify the essential elements of a successful physical inventory