ACC 430 Chapter Notes - Chapter 15: Governmental Accounting Standards Board, Historical Cost, Financial Statement

• School: Ball State University
• Department: Accounting
• Course: ACC 430
• Professor: Ben Angelo

Document Summary

Larger proportion of revenues from state appropriations (tax dollars from the government) and research grants. Includes community colleges, which receive a large proportion of revenue from local property tax assessments. Larger proportion of revenue from larger tuition, private contributions, and research grants. 1984: gasb assumes responsibility for public colleges and universities (gasb) 1993: fasb significantly revises reporting model for private colleges and universities. 1999: gasb changes the reporting model for public colleges and universities. *two different standard setters, setting rules for two different entity types (governmental and. The recording and reporting of capital assets by colleges and universities is similar under. For example, both recognize assets at historical cost when purchased and both recognize depreciation. Accounting and reporting guidelines differ when considering intangible assets and. 5-repairing assets at the same rate as they"re depreciating) may. Assets similar to infrastructure could be reported as land improvements. Gasb: report as a classification within capital assets (not separate line item)