Statement on asset impairment and insurance recoveries.
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|
|Article Type:||Brief Article|
|Date:||Jan 1, 2004|
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