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GASB Summaries |
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GASB Summaries |
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Statement No. 8 Applicability of FASB Statement No. 93, Recognition of Depreciation by Not-for-Profit Organizations, to Certain State and Local Governmental Entities STATUS Issue Dated: January 1988 Effective Date: On issuance in January 1988 Affects: No other pronouncements Affected by: Paragraph 11 amended by GASBS 29, ¶6 Primary Codification Section References: Co5, No80, Pu5 Abbreviations for Accounting Pronouncements GASBS - GASB Statements GASBI - GASB Interpretations GASBTB - GASB Technical Bulletins GASBCS - GASB Concepts BFC - Basis for Conclusions NCGAS - NCGA Statements NCGAI - NCGA Interpretations SOP - AICPA Statements of Position ASLGU - AICPA Audit Guide SUMMARY This Statement provides that governmental colleges and universities and other governmental entities that use certain specialized industry accounting and reporting principles and practices should not change their accounting and reporting for depreciation of capital assets as a result of FASB Statement No. 93, Recognition of Depreciation by Not-for-Profit Organizations. However, governmental colleges and universities are not precluded from depreciating their capital assets under an option permitted by the AICPA Industry Audit Guide, Audits of Colleges and Universities. The provisions of this Statement are effective on issuance. Unless otherwise specified, pronouncements of the GASB apply to financial reports of all state and local governmental entities, including public benefit corporations and authorities, public employee retirement systems, and governmental utilities, hospitals, colleges, and universities. Paragraph 10 discusses the applicability of this Statement. Copyright by Governmental Accounting Standards Board. All Rights Reserved. Used by Permission. Click Here for Order Information
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