FAF Seeks Input on GASB's Capital Asset Impairment Standard
October 31, 2013
The Financial Accounting Foundation (FAF), the oversight organization of the Governmental Accounting Standards Board (GASB), is sponsoring an important research study to assess the effectiveness of GASB Statement No. 42, Accounting and Financial Reporting for Impairment of Capital Assets and for Insurance Recoveries.
Issued in 2003, GASB Statement 42 establishes measurement guidance for capital asset impairments and requires state and local governments to report the effects of those impairments. The standard addresses events such as floods, fires, quakes, permanent damage from deferred maintenance, changes in use of assets, and obsolescence. It also provides uniform reporting guidance for insurance recoveries.
The FAF has commissioned an independent research firm to conduct an online survey that will assess how authoritative guidance is working for governmental entities, including public colleges and universities. The survey, which will take 15 to 20 minutes to complete, is scheduled to open on November 13. All responses will remain anonymous, and the FAF will not attribute participation to an individual respondent or organization.
If you would like to contribute to this important research effort, contact NACUBO or FAF. Also, if you have questions about the survey, please contact Wes Galloway of the FAF's post-implementation review team at (203) 956-5272.
Director, Accounting Policy
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