How to Account for Capital Assets

Date and Time:
Oct 14 2020 - 02:00pm to 04:00pm EDT

Program Description:
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).

Seminar Objectives:
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 GAAP for capital assets
• Identify the essential elements of system design for the management of capital assets, including specific policies related to capital assets.

Level: Intermediate
Field of Study: Accounting – Governmental
CPE Credits: 2
Member Price: $85.00
Non-Member Price: $160.00
Prerequisite: Basic understanding of GAAP for state and local governments.

Who Will Benefit:
Accounting and financial reporting professionals responsible for capital assets.

 

Once registered you will access this LMS Class at learn.gfoa.org

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