Minneapolis, MN (Hyatt Regency Minneapolis)
Intermediate Governmental Accounting or a basic understanding of GAAP for state and local governments
Mid- to senior-level government finance officers, property accountants, and others responsible for developing or maintaining capital asset records.
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.
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