Capital Asset Accounting Series
A basic understanding of GAAP for state and local governments.
Field of Study
Governmental accounting and financial reporting
Accounting and Financial Reporting
Offered Both as Group-Live Class and E-Learning Opportunity
Virtually all state and local governments use capital assets, some of which are essentially unique to the public sector. Properly accounting for these different assets can pose a real ongoing challenge for accounting and auditing professionals. The training 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).
Those who successfully complete this seminar should be able to:
- Identify the major capital asset classes and the specific types of capital assets properly included in each
- Determine the value at which capital assets should be reported and the proper depreciation or amortization for each
- Identify and calculate impairments
- Prepare financial statements that conform to the display and disclosure requirements of generally accepted accounting principles (GAAP) for capital assets
- Identify the essential elements of system design for the management of capital assets, including specific policies related to capital assets.
Who Will Benefit
Schedule and Sample Agenda
Note: Due to the COVID-19 pandemic, GFOA has cancelled all Group-Live training events through September 2021.
This course is taught by finance officers and other industry experts.