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Statement on asset impairment and insurance recoveries.

GASB has published Statement No. 42, Accounting and Financial Reporting for Impairment of Capital Assets and for Insurance Recoveries, requiring governments to report the effects of capital asset impairment in financial statements.

The new statement also requires all governments to account for insurance recoveries in the same manner.

Effective for fiscal years beginning after Dec. 15, 2004, the statement requires governments to assess major events--including physical damage, changes in legal or environmental factors and technological changes or obsolescence--affecting capital assets to determine whether they are impaired.

You can order Statement No. 42 by calling GASB at (800) 748-0659.
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Title Annotation:GASB News
Publication:California CPA
Article Type:Brief Article
Geographic Code:1USA
Date:Jan 1, 2004
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