Do You Reconcile Your Governmental Capital Assets?

It can be hard to remember, but it is a requirement of most all federal grants in which capital assets are purchased, that a governmental entity performs a physical inventory of all capital assets at least once every other year. In the case of Arizona school districts, they must inventory their capital assets, or property …

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Governments Get Special Treatment

Recently our audit team had been presented with an unusual circumstance regarding losses due to impairment of capital assets.  While performing research surrounding this situation I was reminded of the three different ways a governmental agency can present a loss due to impairment, one of which is different from that of a private entity. GASB …

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